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Rupee opens on a flat note at 73.21 against US dollar

Rupee opens on a flat note at 73.21 against US dollar
May 18
13:10 2021

Strong domestic equities and weakness in the dollar could see the rupee appreciate towards 73 levels, ICICI Direct has said.

The Indian rupee opened almost flat at 73.21 against the US dollar on May 18 from the previous session’s close of 73.20.

The domestic unit steadied after the equities witnessed strong gains in early trades in sync with most Asian peers. The Sensex jumped more than 650 points, while Nifty rose above 15,100 in the morning trade.

Brokerage firm ICICI Direct said the rupee remained almost flat in the past two sessions as no major triggers were observed overseas.

“However, on the back of strong domestic equities, weakness in the dollar index along with Call writing positions in OTM strikes are indicating that the rupee should appreciate towards 73 levels,” it said.

On the back of the Fed’s dovish comments, the dollar gave up its early gains and settled with moderate losses. It is trading near its support of 90 levels. Only a close below this level would open up more downsides, ICICI Direct said.

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