Going ahead rupee can be seen in a range of 73.75-74.25, says Jateen Trivedi, Senior Research Analyst at LKP Securities.
Indian rupee ended marginally lower at 73.91 per dollar, amid buying saw in the domestic equity market after RBI Governor Shaktikanta Das launched second round of loan restructuring and other relief measures to counter covid second wave.
It opened flat at 73.86 per dollar against previous close of 73.86 and traded in the range of 73.78-74.04.
At close, the Sensex was up 424.04 points or 0.88% at 48,677.55, and the Nifty was up 121.40 points or 0.84% at 14,617.90.
“Rupee traded strong as capital markets witness some sell-off. There is some support to USDINR at lower levels near 73.80 as the crude prices hold rates that can keep prices on rupee resistance beyond 73.75,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.
“Going ahead rupee can be seen in a range of 73.75-74.25,” Trivedi added.
Gold prices were flat on Wednesday, as concerns over possibility of higher US interest rates countered a subdued dollar, while palladium held firm after scaling a record high in the previous session.
The dollar tried to extend a rally on Wednesday as chatter about the possibility of higher US interest rates and a sell-off in tech stocks soured risk sentiment to the benefit of the safe-haven currency.
The rupee remained above the Put base of 74 as the Dollar index is hovering near support of 90 levels. We expect upsides to be seen in the USDINR pair. It is likely to move towards 74.50 levels in coming days, said ICICI Direct.
The dollar-rupee April contract on the NSE was at Rs 74.25 in the last session. The open interest rose 0.5% for the May series, it added.
