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Rupee trades higher at 74.24 per dollar

Rupee trades higher at 74.24 per dollar
July 29
13:08 2021

For the USDINR, a broad range of 74.00 to 74.60 is expected over the near term, says Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities.

Indian rupee is trading higher at 74.24 per dollar, amid buying seen in the domestic equity market.

It opened marginally higher at 74.32 per dollar against previous close of 74.37.

The Sensex was up 283.22 points or 0.54% at 52726.93, and the Nifty was up 88.50 points or 0.56% at 15797.90.

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“The USDINR spot touched a low of 74.31 on the back of lumpy corporate and IPO related dollar inflows, the lowest levels since early July. However, alleged intervention from the central bank pulled the pair near 74.38 by the close of day,” said Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities.

“The US FOMC meeting will be a key driver of volatility. A hawkish or dovish turn will determine the next volatility in USDINR. A broad range of 74.00 to 74.60 is expected over the near term,” he added.

Oil prices slipped but remained near $ 75 per barrel on Thursday as crude stockpiles in the United States, the world’s top oil consumer, fell last week to their lowest since January 2020 and imports and production dropped.

Gold climbed to a more than one-week high on Thursday after US Federal Reserve Chairman Jerome Powell struck a dovish tone, indicating much remains to be done before policy tightening begins, while a softer dollar lent further support to the metal.

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