We expect an overall range between 74.20-74.75 on spot over the next week, says Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities.
Indian rupee ended higher at 74.33 per dollar, amid buying saw in the domestic equity market.
It opened marginally higher at 74.38 per dollar against Friday’s close of 74.41 and traded in the range of 74.32-74.43.
At close, the Sensex was up 363.79 points or 0.69% at 52,950.63, and the Nifty was up 122.20 points or 0.78% at 15,885.20.
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“One might be fooled by the low volatility in USDINR over last week, as Rupee lost between 1%-2% against major currencies like Euro, GBP, and JPY. US central bank meeting was the key event but it delivered little. RBI remained a major buyer of US Dollars and that did not allow USDINR to fall in line with other USD pairs,” said Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities.
“The coming week promises to high volatile one. There is US jobs data and RBI rate decision. We expect an overall range between 74.20-74.75 on spot over the next week,” he added.
The dollar held just above a one-month low on Monday as traders held tight positions heading into a busy week that includes monthly US jobs data and a key Australian central bank decision.
Gold prices edged lower on Monday as the dollar held steady, with traders eyeing monthly US jobs data to gauge the health of the labour market.
Oil prices fell on Monday on worries over China’s economy after a survey showed factory activity growing at its slowest pace in 17 months in the world’s second-largest oil consumer, concern compounded by a rise in oil output from OPEC producers.