“The USD-INR pair is struggling at higher levels. Due to no major move in the Dollar index and strong domestic equities, we feel a move towards 74.4 is expected,” said brokerage firm ICICI Direct.
The Indian rupee opened 9 paise lower at 74.58 per dollar on July 14 against the previous close of 74.49.
The Indian currency opened lower amid weakness in the equity market while crude oil prices steadied.
Indian equities traded lower tracking other Asian markets that fell on July 14 after data showed the biggest jump in US inflation in 13 years.
The sharp rise in inflation strengthened expectations that the US Fed may end the pandemic-era stimulus measures sooner than expected.
Market benchmark the Sensex fell more than 150 points in early trade while the Nifty fell below 15,800.
Oil prices steadied after data showed that China’s first-half crude imports dropped 3 percent from January to June versus a year earlier, reported Reuters. They surged more than 2 percent on July 13 after the International Energy Agency said the market should expect tighter supply due to disagreements among major producers.
“The USD-INR pair is struggling at higher levels. Due to no major move in the Dollar index and strong domestic equities, we feel a move towards 74.4 is expected,” said brokerage firm ICICI Direct.
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