Rupee near day#39;s low at 71.75 per dollar

November 18
15:09 2019

The Indian rupee erased all its morning gains and trading near day’s low at 71.75 per dollar, with domestic equity market is trading flat.

It opened higher by 11 paise at 71.68 versus Friday’s close 71.79 per dollar.

On November 15, the rupee gained 18 paise to close at 71.79 against US dollar for second day on the back of easing crude oil prices and positive trends in equity markets.

The Sensex was down 63.19 points or 0.16% at 40293.50, and the Nifty was down 6.50 points or 0.05% at 11889.

In the last week, the rupee fell 50 paise at 71.79 on November 15 versus the November 8 closing of 71.29.

Oil prices were little changed on Monday following steady gains in the previous week with investors awaiting fresh clues over prospects for a trade deal between the United States and China, shrugging off concerns over steadily rising oil supplies.

The dollar-rupee November contract on the NSE was at 71.87 in the previous session. Open interest declined 1.83% in the previous session, said ICICIdirect.

We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short 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.

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