Rupee trades lower at 72.40 per dollar


On February 24, the local currency ended 14 paise higher at 72.32 against Tuesday’s close of 72.46.

Representative image

Representative image

Indian rupee has extended the losses and trading near the day’s low at 72.47 per dollar, amid buying seen in the domestic equity market.

It opened flat at 72.30 per dollar against previous close of 72.32.

At 12:30 IST, the Sensex was up 274.44 points or 0.54% at 51,056.13, and the Nifty was up 109.70 points or 0.73% at 15,091.70.

The USDINR remained very volatile ahead of the expiry. Traders shifted their Call writing positions to the March series, which is likely to limit upsides in the USDINR pair, said ICICI direct.

The dollar-rupee March contract on the NSE was at Rs 72.64 in the last session. The open interest fell almost 13% in the new series, it added

Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 11 months, underpinned by monetary easing policies and lower crude production in the United States.

“Rupee moving in a small range of 72.25 and 72.40 with RBI sitting at 72.25 buying dollars and all others selling at 72.40-50,” said Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors.

“Importers are in sidelines as they do not want to pay premiums which is a right strategy but it should be with a stop loss of say 72.55. Exporters to keep selling the good uptics for the longer term may be around 72.50,” he added.

Moneycontrol News