Rupee to remain in the range of 74.20 to 74.50, says Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors .
Indian rupee is trading flat at 74.32 per dollar, amid buying seen in the domestic equity market.
It opened flat at 74.26 per dollar versus previous close of 74.34.
The Sensex was up 360.89 points or 0.68% at 53311.52, and the Nifty was up 92.30 points or 0.58% at 15977.50.
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The dollar was on the back foot against the safe-haven yen and Swiss franc on Tuesday after soft U.S. manufacturing data and rising concerns about the coronavirus Delta variant prompted traders to wind back bets on a strong economic recovery.
Oil prices climbed on Tuesday, clawing back some of the previous session’s deep losses, even though concerns over coronavirus curbs combined with slowing factory activity in key buyer countries to keep a lid on gains.
“USDINR is being bought by RBI and therefore the stability is seen with a 10-15 paise movement. All other market participants are sellers. Market seems to be keenly awaiting for the MPC meeting starting tomorrow and the NFPR on 6th,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors .
“Today’s opening seems to be at 74.35 with a range of 74.20 to 74.50. Exporters to sell the uptics while importers may buy the dips for the near term,” he added.