We believe the rupee will depreciate towards 75.50 levels gradually in coming sessions, says ICICI Direct.
Indian rupee has extended the early gains and trading at day’s high at 74.71 per dollar, amid buying seen in the domestic equity market.
It opened higher by 16 paise at 74.85 per dollar against Friday’s close of 75.01.
The Sensex was up 673.58 points or 1.41% at 48552.03, and the Nifty was up 184.10 points or 1.28% at 14525.50.
Oil prices eased slightly on Monday on concerns that a resurgence of coronavirus infections in India and Japan, the world’s third and fourth largest oil importers, would cut fuel demand in Asia.
The USDINR future remained above 75 levels on a closing basis, which will keep the rupee pair strong. We believe the rupee will depreciate towards 75.50 levels gradually in coming sessions, said ICICI Direct.
The dollar-rupee April contract on the NSE was at Rs 75.05 in the last session. The open interest fell 1% for the April series, it added.
