Going ahead rupee can be seen in a range of 72.45-72.95, says Jateen Trivedi, Senior Research Analyst at LKP Securities.
Indian rupee erased intraday gains but ended marginally higher at 74.57 per dollar, amid volatile trade selling seen in the domestic equity market.
It opened 15 paise higher at 74.48 per dollar against Friday’s close of 74.63 and traded in the range of 74.40-74.59.
At close, the Sensex was down 13.50 points or 0.03% at 52372.69, and the Nifty was up 2.80 points or 0.02% at 15692.60.
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“Rupee traded with strength near 74.60 as dollar index lost some momentum and broke below USD 92.50 towards USD 92.30 after a couple of failing attempts to cross USD 93.00,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.
“Crude prices can provide some trend going ahead to USDINR provided OPEC+ comes out with decision else delays in production data will again weaken the rupee. Going ahead rupee can be seen in a range of 72.45-72.95,” Trivedi added.
Gold prices eased on Monday as a slightly stronger dollar and buoyant equities dimmed the safe-haven metal’s appeal, with investors awaiting U.S. inflation data and Federal Reserve Chairman Jerome Powell’s testimony this week.
“The USDINR spot is not breaking the immediate resistance of 74.95-75 zone. For next week, the fx market focus will be on Zomato IPO and US CPI data along with fears over the global spread of delta variant. The Zomato IPO will open for subscription on Wednesday, and it may attract FII’s participation,” said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.
“So, until the spot is trading below the resistance of 74.95-75, it will be slightly bearish. Only a break of 75 will push prices towards 75.25 zone, while 74.25-74 will act as strong supports,” Gupta added.
