The range of rupee can be seen between 74.15-74.60, says Jateen Trivedi, Senior Research Analyst at LKP Securities.
Indian rupee erased early gains and trading at day’s low at 74.60 per dollar, amid volatile trade seen in the domestic equity market.
It opened marginally higher at 74.27 per dollar against previous close of 74.31.
The Sensex was down 32.64 points or 0.06% at 52847.36, and the Nifty was down 20.90 points or 0.13% at 15813.50.
“Rupee traded strong near 74.30 on back of retreat from dollar index prices as US Nonfarm payroll and Unemployment numbers did not encourage dollar and FED tapering can be delayed if data stays weak monthly,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.
“Inflow in the financial sector also helped rupee cheer by 0.40p. Going ahead the range of rupee can be seen between 74.15-74.60,” he added.
Oil prices rose on Monday, driven higher after OPEC+ nations called off talks on output levels, meaning no deal to boost production has been agreed.
Gold prices were hovering close to a two-week high on Tuesday, helped by a subdued dollar, while investors awaited minutes from the US Federal Reserve’s June policy meeting for more clarity on monetary policy going forward.