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Last Updated : Oct 09, 2019 03:18 PM IST | Source: Moneycontrol.com

Rupee recovers, trades flat at 71.01 per dollar

The forex market was shut on October 8 on account of Dussehra.

Rakesh Patil

The Indian rupee has recovered from the low and trading flat at 71.01 per dollar. It touched an intraday low of 71.22 per dollar.

The local unit opened lower by 16 paise at 71.18 per dollar versus Monday's close 71.02.

The domestic equity market are trading higher with Nifty above 11,300, while Sensex gained over 600 points.

Close

The rupee depreciated by 14 paise to close at 71.02 against the US dollar on October 7 as profit booking in domestic equities and unabated foreign fund outflows kept investors edgy, as per PTI.

The forex market was shut on October 8 on account of Dussehra.

Rupee is expected to consolidate in a wide range of 70.50 and 71.20 (Spot) as reaction of the rate cut by the RBI was quite muted, said Gaurang Somaiya, Forex & Bullion analyst, Motilal Oswal Financial Services Private.

On the domestic front, market participants will be keeping an eye on the industrial production number and weaker-than-expected growth could keep the rupee weighed down against the US dollar, he added.

On the global front, rupee will be getting cues from the FOMC meeting minutes and inflation number that will be released from the US, he further said.

The dollar-rupee October contract on the NSE was at 71.18 in the previous session. Open interest declined 0.93 percent in the previous session, said ICICIdirect.

We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, it added.

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First Published on Oct 9, 2019 03:18 pm

tags #Rupee

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