Going ahead rupee can be seen in range 72.40-72.75 range, says Jateen Trivedi, Senior Research Analyst at LKP Securities.
Indian rupee has erased early gains and trading lower at 72.76 per dollar, amid volatile trade seen in the domestic equity market.
It opened higher at 72.53 per dollar against previous close of 72.62.
The Sensex was down 50.53 points or 0.10% at 51,886.91, and the Nifty was down 30.60 points or 0.20% at 15,552.20.
“Rupee traded weak on the back of dollar strength picking up from lower levels of $ 89.80 to $ 90.10 giving some reversal formation for the dollar index. Crude prices inching close to $ 70 also weakens the rupee with economies opening up globally pick up in crude prices will not help the rupee on the global front, but capital market positive tone shall keep the fall in rupee at check,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.
“Going ahead rupee can be seen in range 72.40-72.75 range,” he added.
Gold prices on Tuesday traded near a five-month high scaled last week, supported by a softer dollar and growing inflationary pressures, while investors awaited key US data that will provide a clearer picture on the global economy’s recovery path.
Oil prices rose on Tuesday ahead of an OPEC+ meeting and on optimism that fuel demand will grow in the months ahead with the summer driving season starting in the United States, the world’s top oil consumer.
The dollar languished near multi-month lows versus major peers on Tuesday as traders pondered the prospects for early policy normalization by the Federal Reserve ahead of a key jobs report at the end of the week.