The USDINR pair continued to hover around USD 73 post Budget also. A sharp sell-off in Euro would boost dollar due to which EM currencies are likely to depreciate, says ICICI direct.
Indian rupee is trading marginally higher at 72.92, amid buying seen in the domestic equity market with indices at record highs.
It opened flat at 72.97 per dollar against previous close of 72.96.
At 14:22 IST, the Sensex was up 649.86 points or 1.30% at 50447.58, and the Nifty was up 204.80 points or 1.40% at 14852.70.
Oil rose in early trade on Wednesday on expectations global oil stocks will fall back to more normal levels this year and as U.S. lawmakers moved closer to approving President Joe Biden’s $ 1.9 trillion COVID-19 aid bill without Republican support.
The USDINR pair continued to hover around USD 73 post Budget also. A sharp sell-off in Euro would boost dollar due to which EM currencies are likely to depreciate. Sizeable Put base is also at 73 from where bounce is expected, said ICICI direct.
The dollar-rupee February contract on the NSE was at Rs 73.22 in the last session. The open interest fell by 4.5% for the February series, it added.
