Going ahead, rupee will be in range in 74.00-74.75 in coming sessions, says Jateen Trivedi, Senior Research Analyst at LKP Securities.
Indian rupee is trading higher by 25 paise at 74.11 per dollar, amid selling seen in the domestic equity market.
It opened higher by 14 paise, a strongest level since April 8, at 74.22 per dollar against previous close of 74.36.
The Sensex was up 96.76 points or 0.19% at 49,830.60, and the Nifty was up 36.40 points or 0.24% at 14,900.90.
The dollar was on the defensive near nine-week lows on Thursday as a decidedly dovish outlook from the U.S. Federal Reserve gave a green light for the global reflation trade.
Oil prices extended gains on Thursday after rising 1% the previous session, as bullish forecasts on recovering demand this summer offset concerns of rising COVID-19 cases in India, Japan and Brazil.
Gold prices rose on Thursday bolstered by the U.S. Federal Reserve’s pledge to maintain easy monetary policy to aid economic recovery, while a weaker dollar provided further support.
“Rupee traded strongly on the back of increased fund flows continues into capital market mainly in the financial sector, helping rupee scale pass 74.50 and towards 74.25. Crude prices have also been stale near 66 in brent making the rupee less weak,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.
“Going ahead, rupee will be in range in 74.00-74.75 in coming sessions,” he added.
