We believe that the rupee is moving towards 72.50 levels gradually in coming sessions, says ICICIdirect.
Indian rupee opened higher at 72.81 per dollar on Friday against previous close of 72.86, amid volatile trade seen in the domestic equity market.
On February 11, rupee ended flat at 72.86 per dollar against previous close of 72.84.
At 10:03 IST, the Sensex was up 42.67 points or 0.08% at 51,574.19, and the Nifty up 8.90 points or 0.06% at 15,182.20.
The USDINR future remained below 73 levels on closing basis, which will keep the rupee pair depressed. We believe that the rupee is moving towards 72.50 levels gradually in coming sessions, said ICICIdirect.
The dollar-rupee February contract on the NSE was at Rs 72.95 in the last session. The open interest declined 1% for the February series, it added.
Gold eased on Friday as the dollar and Treasury yields edged higher, but prices were on course for their best week in three as hopes of more U.S. stimulus underpinned the metal.
Oil prices fell a second day on Friday, extending losses after OPEC cut its demand forecast and the International Energy Agency said the market was still over-supplied.
Foreign institutional investors (FIIs) net bought shares worth Rs 944.36 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 707.68 crore in the Indian equity market on February 11, as per provisional data available on the NSE.
