Going ahead rupee can be seen between 73.25-73.60 range for a few session, says Jateen Trivedi, Senior Research Analyst at LKP Securities.
rupee
Indian rupee has extended gains and trading near the day’s high at 72.93 per dollar, amid buying seen in the domestic equity market.
It opened 10 paise higher at 73.26 per dollar against previous close of 73.36.
At 13:30 IST, the Sensex was up 733.81 points or 1.46% at 51,030.70, and the Nifty was up 220.10 points or 1.48% at 15,139.20.
“Rupee traded with range to weak moves between 73.30-73.50 cooling of after last two days of volatile scenario. As crude prices witnessed some ease of price and the Dollar index showed some stable range, rupee followed suit. Going ahead rupee can be seen between 73.25-73.60 range for a few session,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.
Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists.
The safe-haven U.S. dollar remained broadly weaker on Wednesday as Treasury yields continued to retreat, restoring some calm to global markets and reigniting demand for riskier assets.
Foreign institutional investors (FIIs) net bought shares worth Rs 2,223.16 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 854.04 crore in the Indian equity market on March 2, as per provisional data available on the NSE.
