Range for the day for USDINR seen at 74.30 to 74.80, says Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors.
rupee,Indian rupee,dollar,US dollar,Indian currency,Indian currency market,USD,INR / April 28, 2021 / 11:52 AM IST
Indian rupee extended the early gains and trading higher by 27 paise at 74.39 per dollar, amid buying seen in the domestic equity market.
It opened 15 paise higher at 74.51 per dollar against previous close of 74.66.
The Sensex was up 508.25 points or 1.04% at 49452.39, and the Nifty was up 134.50 points or 0.92% at 14787.50.
Gold prices fell on Wednesday, pulled down by firmer US Treasury yields with investors looking out for policy cues from the Federal Reserve’s meeting, while palladium eased after hitting a record peak in the previous session.
The dollar is set to take its cue from the US Federal Reserve’s policy statement and President Joe Biden’s speech on Wednesday, as it seeks to extend a recovery from an eight-week low touched earlier in the week against a basket of currencies.
“The USDINR pair falling on its own weight as importers withdraw and exporters sell looking to RBI standing at 75 and above levels, says Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors.
Overall equities moving up, Asian currencies also up, so rupee doing some catching up. FED meeting and election results of 5 states are the two triggers for next move. Range for the day 74.30 to 74.80, he added.
