Despite weakness in the Dollar index, we believe the USDINR pair is trading near its support levels and a round of upsides can be seen in coming sessions, says ICICI Direct.
Indian rupee gained in the early trade on Friday. It opened 13 paise higher at 73.63 per dollar against previous close of 73.76, amid buying seen in the domestic equity market.
On May 6, Indian rupee ended higher by 15 paise at 73.76 per dollar versus previous close of 73.91.
The Sensex was up 363.64 points or 0.74% at 49313.40, and the Nifty was up 98.60 points or 0.67% at 14823.40.
Gold prices on Friday hovered near a 2-1/2-month high, aided by a pullback in the dollar and Treasury yields as investors cautiously await US non-farm payrolls data for further cues on the health of the world’s biggest economy.
Oil prices edged up in early Asian trade after a 1% dip in the previous session, as global economic recovery and easing travel curbs in the United States and Europe buoyed the fuel demand outlook while the surging pandemic in India capped prices.
Despite weakness in the Dollar index, we believe the USDINR pair is trading near its support levels and a round of upsides can be seen in coming sessions. The noteworthy Put base at 74 strike makes it an important level, said ICICI Direct.
The dollar-rupee April contract on the NSE was at Rs 73.96 in the last session. The open interest increased almost 2% for the May series, it added.
