We believe the current resilience of Rupee might continue in the near term and current levels may be utilized for creating long positions, says ICICI direct.
Indian rupee is trading flat 73.01 per dollar, amid weak trading seen in the domestic equity market.
It opened marginally lower at 73.03 per dollar on Friday against previous close of 72.99.
At 10:04 IST, the Sensex was down 54.53 points or 0.11% at 49,570.23, and the Nifty up 2.30 points or 0.02% at 14,592.70.
The dollar was headed for its worst week of the year on Friday, as investors cheered in the Joe Biden administration by buying riskier currencies and refreshed bets that a pandemic recovery could push the greenback lower still.
Oil prices fell in early trade on Friday, retreating further from 11-month highs hit last week, on worries new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer.
The USDINR pair is still holding above its major Put base of 73 ahead of settlement next week. We believe the current resilience of Rupee might continue in the near term and current levels may be utilized for creating long positions, said ICICI direct.
The dollar-rupee January contract on the NSE was at Rs 73.03 in the last session. The open interest increased by 0.7% in the current series while February series saw an increase of over 50% in open interest, it added.