Going ahead rupee will be range-bound between 72.40-72.75, says Jateen Trivedi, Senior Research Analyst at LKP Securities.
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Indian rupee ended higher by 11 paise at 72.51 per dollar, amid buying saw in the domestic equity market.
It opened 10 paise higher at 72.52 per dollar against Thursday’s close of 72.62 and traded in the range of 72.37-72.53.
At close, the Sensex was up 568.38 points or 1.17% at 49,008.50, while the Nifty was up 182.40 points or 1.27% at 14,507.30.
“Rupee traded in a small range between 72.60-72.70 as the subdued moves in dollar index along with RBI statement of efforts to keep rupee exchange rates stable gave nondirectional moves in rupee. Going ahead markets will be range-bound between 72.40-72.75,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.
The dollar traded near multi-month highs against most major currencies on Friday, supported by a wave of optimism due to improving U.S. economic data, the rollout of coronavirus vaccines, and rising Treasury yields.
Oil prices bounced back on Friday from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply.
The US dollar remained elevated near its 2020 highs. Weakness seen in GBP and Euro due to fresh concerns over the economy also helped the dollar to remain stable at higher levels, said ICICI Direct.
The dollar-rupee April contract on the NSE was at Rs 73.08 in the last session. The open interest increased by almost 16% for the April series, it added.
