Going ahead rupee can be seen between 72.60-73.25 range, says Jateen Trivedi, Senior Research Analyst at LKP Securities.
Indian rupee ended higher by 19 paise at 72.58 per dollar, amid volatile trade saw in the domestic equity market on May expiry day.
It opened flat at 72.75 per dollar versus Tuesday’s close of 72.77 and traded in the range of 72.53-72.76.
At close, the Sensex was up 97.70 points or 0.19% at 51115.22, and the Nifty was up 36.40 points or 0.24% at 15337.90.
“Rupee traded in range of 72.70-72.80 with neutral cues from capital markets as well as dollar price moves which hovers around 89.70 mark. Going ahead rupee can be seen between 72.60-73.25 range, said Jateen Trivedi, Senior Research Analyst at LKP Securities.
The dollar found support on Thursday from emerging views the Federal Reserve is slowly but surely edging towards a discussion about tightening monetary policy, and as traders await crucial U.S. inflation data this week.
Gold prices eased on Thursday after hitting a 4-1/2-month high in the previous session, hurt by an uptick in the US dollar and bond yields, while investors awaited key economic readings out of the United States.
Oil prices fell on Thursday but stayed within the tight range they have been in all week, as optimism on the summer driving season in the United States and Europe offset concerns about demand in India and a potential supply increase from Iran.
The rupee remained near the Put base of 73 as the dollar index is hovering near support of 89-90 levels. We expect upsides to be seen in the USDINR pair. Looking at options data, the May expiry is likely to be above 73 levels, said ICICIdirect.
The dollar-rupee May contract on the NSE was at Rs 72.96 in the last session. The open interest fell almost 6% for the May series, it added.