The range for rupee can be 74.60 – 75.10 in coming sessions ahead,” says Jateen Trivedi, Senior Research Analyst at LKP Securities.
Indian rupee gained in the early trade on July 5. It opened 22 paise higher at 74.52 per dollar Monday on against Friday’s close of 74.74, amid buying seen in the domestic equity market.
On July 2, rupee slipped to over 2 months low and ended lower by 19 paise at 74.74 per dollar versus Thursday’s close of 74.55.
The Sensex was up 344.03 points or 0.66% at 52828.70, and the Nifty was up 98.30 points or 0.63% at 15820.50.
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“Rupee witnessed weak trend as OPEC+ delayed production info, which indicates at no increase in production which can make Crude expensive going ahead. The range for rupee can be 74.60 – 75.10 in coming sessions ahead,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.
The dollar took a breather on Monday, after recent gains ran into a speed bump when details of last week’s US jobs report soothed jitters about the timing of US interest rate hikes.
Gold prices edged lower on Monday after hitting a two-week high in the previous session, weighed down by a slight uptick in the dollar, while investors awaited more US economic data for clues on the Federal Reserve’s monetary policy plans.
“The USDINR spot has continued the uptrend last week, and we likely need a catalyst to fuel another extension higher. After the big beat on US ADP employment the focus is on nonfarm payrolls data, as a strong candidate with enough impetus to accelerate US Dollar buying pressure,” said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.
“In USDINR spot the next week’s trading range will continue to be 74-75.25 with sideways bias,” Gupta added.
