Rupee erases early losses but still trading lower at 75.03 per dollar


The Indian currency market remained shut on April 21 on account of Ram Navami.

Indian rupee erased some of the early losses but still trading lower by 15 paise, amid selling seen in the domestic equity market.

It opened 45 paise lower at 75.33 per dollar against Tuesday close of 74.88.

The Sensex was down 204.97 points or 0.43% at 47,500.83, and the Nifty was down 45.30 points or 0.32% at 14,251.10.

“On April 20, rupee trades volatile in range of 74.50-75.00 amid the uncertainty on who will have upper hand in coming times, covid-19 or Covid-19 Vaccines. The first is spreading rapidly in India & the other is being jabbed as fast as possible to neutralize the virus. This is impacting the rupee, hence volatile sessions are being witnessed,” saidĀ Jateen Trivedi, Senior Research Analyst at LKP Securities

“Going ahead the volatile range will be between 74.40-75.40,” he added.

Oil prices fell for a third day on Thursday as a surprise build in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan raised concerns that a recovery in global economy and fuel demand may slow.

Gold prices rose on Thursday to hover near an eight-week high touched in the last session, as a sagging dollar and weaker U.S. Treasury yields boosted the metal’s appeal, while palladium held close to an all-time high hit in the previous session

Moneycontrol News