On March 31, Indian rupee ended near the day’s high at 73.11 per dollar versus Tuesday’s close of 73.38.
Indian currency market will remain shut on April 1 on account of annual bank closing.
On March 31, Indian rupee ended near the day’s high at 73.11 per dollar versus Tuesday’s close of 73.38.
However, Indian equity market will remain open today. The benchmark indices started FY22 on a positive note with indices gaining 0.5 percent.
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At 09:57 IST, the Sensex was up 278.27 points or 0.56% at 49,787.42, and the Nifty was up 85.10 points or 0.58% at 14,775.80.
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“Despite a truncated week, the forex market has been very volatile. The spot breached 73 on the back of uptrend in dollar. The market focus is on Biden’s additional stimulus announcement and an additional spending boost will further support the dollar rally. But the best thing to do for now is to follow the trend and let the market tell you where it’s going to end,” said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.
In USD/INR spot, we expect the trading range to be 72.50-73.50, he added.
Crude prices rose on Thursday, recouping some of the previous session’s losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent COVID-19 infections in some regions.
The dollar held near a multi-month high against other major currencies on Thursday as investors bet fiscal stimulus and aggressive vaccinations will help the United States grow faster than other economies.
