ICICIdirect ICICIdirect expect the USD-INR to find supports at lower levels.
The Indian rupee has extended the losses and trading at day's low at 71 per dollar, with Indian domestic equity market ended higher but off day's high with Nifty finished below 12,000 level.
It opened lower by 10 paise at 70.79 per dollar versus previous close 70.69.
On Novemebr 5, rupee ended 8 paise higher to close at a fresh five-week high of 70.69 against the US dollar on the back of foreign fund inflows.
At close, the Sensex was up 221.55 points at 40,469.78, while Nifty was up 48.80 points at 11,966.
Oil prices dropped on Wednesday after industry data showed a larger-than-expected build-up in US crude stockpiles, but expectations for an easing of trade tensions between the United State and China capped losses.
Gold prices inched up, after slipping more than 1% in the previous session, as investors awaited further clarity on the US-China trade talks.
The dollar-rupee November contract on the NSE was at 70.82 in the previous session. Open interest increased 18.57% in the previous session, said ICICIdirect.We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.