We believe that the rupee is moving towards 72.50 levels gradually in coming sessions, says ICICIdirect.
Indian rupee ended 11 paise higher at 72.75 per dollar, amid volatile trade witnessed in the domestic equity market.
It opened higher at 72.81 per dollar against previous close of 72.86 and traded in the range of 72.73-72.83.
At close, the Sensex was up 12.78 points or 0.02% at 51,544.30, and the Nifty was down 10 points or 0.07% at 15,163.30.
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.
