The USDINR pair saw fresh accumulation from lower levels along with the Dollar Index moving to fresh three month’s high indicating a move towards 75 cannot be ruled out, said ICICI Direct.
Indian rupee erased early losses and trading at day’s high level at 74.66 per dollar, amid selling seen in the domestic equity market.
It opened 20 paise lower at 74.81 per dollar against previous close of 74.61.
The Sensex was down 124.96 points or 0.24% at 52929.80, and the Nifty was down 41.90 points or 0.26% at 15837.80.
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The dollar traded near its highest in three months versus major peers on Thursday after minutes of the Federal Reserve’s June policy meeting confirmed the world’s biggest central bank is moving toward tapering its asset purchases as soon as this year.
Oil prices fell for a third day on Thursday amid anxiety that supply may rise after the collapse this week of talks among major producers, potentially causing the current output agreement to be abandoned.
The USDINR pair saw fresh accumulation from lower levels along with the Dollar Index moving to fresh three month’s high indicating a move towards 75 cannot be ruled out, said ICICI Direct.
The dollar-rupee July contract on the NSE was at Rs 74.82 in the last session. The open interest rose 1.5% for the July series, it added.
