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Rupee opens flat at 75.63 per dollar

June 29
11:08 2020

Indian rupee opened flat at 75.63 per dollar on Monday against Friday’s close of 75.64, amid selling seen in the domestic equity market.

On June 26 the rupee erased intraday gains and ended flat at 75.64 per dollar.

At 10:03  IST, the Sensex was down 467.86 points or 1.33% at 34703.41, and the Nifty was down 140 points or 1.35% at 10243.

“Despite the rising coronavirus concerns, the global equity market is trading higher reacting to new stimulus packages and unconventional easing. But, there is a lot of uncertainty over the spike in COVID-19 cases. The market is trying to figure out what the impact this is going to have on consumer activity in coming months, and it’s not clear now because we don’t know how bad this spike is going to get,” said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

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“FII inflows into local stocks have dragged the USD/INR spot again towards 75.50 zone. So we expect it to trade within 75-76 in coming days until the Indo-China border issues escalate,” he added.

Oil prices fell for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading countries to resume partial lockdowns that could hurt fuel demand.

The rupee has been finding support near 75.50 levels and witnessed some up move amid weakness in the equities. We believe that immediate support for the rupee is around 75.40 while it should be bought on declines, said ICICIdirect.

The dollar-rupee contract on the NSE was at 75.80 in the last session. The open interest increased almost 7% in the July series during settlement, it added.

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