The USDINR spot has moved below 73 levels once again and further declines can be seen if it sustains below these levels, says ICICI direct.
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Indian rupee gained in the early trade on February 9. It has opened 8 paise higher at 72.88 per dollar against previous close of 72.96, amid continues buying seen in the domestic equity market.
On February 8, the rupee ended at day’s low at 72.96 per dollar against Friday’s close of 72.92.
At 10:03 IST, the Sensex was up 172 points or 0.33% at 51,520.77, and the Nifty was up 59 points or 0.39% at 15,174.80.
The USDINR spot has moved below 73 levels once again and further declines can be seen if it sustains below these levels. However, continued strength shown by dollar remains a concern, said ICICI direct.
The dollar-rupee February contract on the NSE was at Rs 73.10 in the last session. The open interest increased almost 8% for February series, it added.
The dollar languished near its lowest in a week on Tuesday as investors began entertaining doubts about the scale of a recent rally driven by expectations of a faster pandemic recovery in the United States than elsewhere.
Oil prices edged up on Tuesday to their highest in 13 months as supply cuts by major producers and optimism over fuel demand recovery support energy markets.
