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Rupee ends 12 paise lower at 73.04 per dollar

A fall below 72.75 will push price towards 72.50 zone, however a reversal may take spot towards 73.50 zone, says Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

January 28, 2021 / 03:42 PM IST
Representative image

Representative image

Indian rupee ended 12 paise lower at 73.04 per dollar, amid selling seen in the domestic equity market.

It opened 21 paise lower at 73.13 per dollar against previous close of 72.92 and traded in the range of 73.04-73.15.

At close, the Sensex was down 535.57 points or 1.13% at 46,874.36, and the Nifty was down 150 points or 1.07% at 13,817.50.

"The downside in USDINR spot is getting cushioned by IMF’s impressive projection about India’s 2021 growth. The downtrend will continue as long as Fed remains accommodative, but any update from Powell about future tapering or delay in US fiscal stimulus rollout will lead to a reversal in USDINR spot. A fall below 72.75 will push price towards 72.50 zone, however a reversal may take spot towards 73.50 zone," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.