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Rupee opens lower at 73.55 per dollar; RBI keeps rate unchanged

Rupee opens lower at 73.55 per dollar; RBI keeps rate unchanged
April 07
11:08 2021

On April 6, domestic units ended 12 paise lower at 73.42 against Monday’s close of 73.30.

The total disputed tax across all the resolved cases is more than Rs 1 lakh crore

The total disputed tax across all the resolved cases is more than Rs 1 lakh crore

Indian rupee opened 13 paise lower at 73.55 per dollar on Wednesday against previous close of 73.42, amid buying seen in the domestic equity market post Reserve Bank of India’s monetary policy committee kept the key rates unchanged and also retained ‘accommodative’ stance.

On April 6, domestic units ended 12 paise lower at 73.42 against Monday’s close of 73.30.

At 10:11 IST, the Sensex was up 349.24 points or 0.71% at 49550.63, and the Nifty was up 103.90 points or 0.71% at 14787.40.

The dollar softened to a two-week low against a basket of currencies on Wednesday after U.S. bond yields declined as traders rolled back aggressive expectations that the Federal Reserve will tighten its policy earlier than pledged.

Gold prices inched lower on Wednesday, retreating from a two-week high hit in the previous session, as a raft of strong U.S. data boosted hopes of a quick economic recovery.

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell.

The US dollar rebounded from a near two-week low on Tuesday as short-term optimism about the outlook for the US economy prompted investors to consolidate positions after a selloff overnight. However, continued Put writing may keep downsides limited while declines remain a buying opportunity, said ICICI Direct.

The dollar-rupee April contract on the NSE was at Rs 73.67 in the last session. The open interest declined 0.6% for the April series, it added.

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