Rupee ends 23 paise lower at 74.55 per dollar


Indian rupee ended 23 paise lower at 74.55 per dollar, amid selling saw in the domestic equity market.

It opened lower at 74.37 per dollar against previous close of 74.32 and traded in the range of 74.33-74.63.

At close, the Sensex was down 164.11 points or 0.31% at 52318.60, and the Nifty was down 41.50 points or 0.26% at 15680.

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“The rupee is on an edge, for which the greater sensitivity probably lies towards stronger US data and a stronger dollar. Overall, fx market is focusing on a potentially hot US labour report or the degree to which new covid variant reduces recovery expectations,” said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.

“So until the USDINR spot trades above 73.75-73.80, it will remain afloat with immediate resistance around 74.50 and then 74.75 zone. While the major supports lie around 73.75-73.50-73.45,” he added.

Gold prices edged lower on Thursday, as the dollar hovered near a three-month peak, with investors looking ahead to a key U.S. jobs report due later this week for clues on what it might mean for monetary policy.

The USDINR future ended almost flat post high intraday volatility. We feel the pair should move towards its sizeable Call base of 75, said ICICI Direct.

The dollar-rupee June contract on the NSE was at Rs 74.54 in the last session. The open interest fell 1.1% for the July series, it added.

Oil prices traded sideways on Thursday as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year.

“Rupee traded weak towards 74.50 but later found support near 74.50 and rose towards 74.30 on back of dollar index price fluctuations between which touched 92.15 in morning trade. OPEC+ statement will be closely watched in the coming days,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.

“The range for rupee can be seen between 74.20-74.55,” he added.