Rupee will be seen in a range of 74.45-75.15 in sessions ahead with the weak trend for rupee, says Jateen Trivedi, Senior Research Analyst at LKP Securities.
Rupee
Indian rupee erased some of the intraday losses but ended lower at 74.74 per dollar, amid volatile trade seen in the domestic equity market.
It opened 17 paise lower at 74.77 per dollar versus Thursday’s close of 74.60 and traded in the range of 74.53-74.97.
At close, the Sensex was down 154.89 points or 0.31% at 49,591.32, and the Nifty was down 38.90 points or 0.26% at 14,834.90.
The dollar was headed for its worst week of the year on Friday as unexpectedly strong economic data in Europe, downbeat U.S. jobs figures and a determinedly accommodative Federal Reserve have prompted investors to unwind some bets on the greenback.
“Rupee will be seen in a range of 74.45-75.15 in sessions ahead with the weak trend for rupee,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.
Gold on Friday held near a more than one-month peak scaled in the previous session, with bullion set for a weekly gain of over 1%, as a weakness in the dollar and Treasury yields offered support along with a surprise jump in U.S. jobless claims.
Oil prices edged up in early Asian trade on Friday, supported by a weaker dollar, as investors weighed rising supplies and the impact on fuel demand from the COVID-19 pandemic.
The US dollar traded near its two weeks low versus major peers on Thursday, following Treasury yields. However, due to rising Covid-19 cases many states have announced partial lockdowns that have created uncertainty. This may taper money growth, which suggests this will put depreciation pressure on the rupee, said ICICI Direct.
The dollar-rupee April contract on the NSE was at Rs 74.80 in the last session. The open interest increased 2% for the April series, it added.
