The rupee is expected to maintain its trading range between the level of 74.20 and 74.70, says ICICI Direct.
August 04, 2021 / 03:43 PM IST
Indian rupee ended higher at 74.18, after hitting 6-week high at 74.08, as the buying saw in the domestic equity market, touching fresh record highs.
It opened 13 paise higher at 74.15 per dollar against previous close of 74.28 and traded in the range of 74.08-74.24.
At close, the Sensex was up 546.41 points or 1.02% at 54,369.77, and the Nifty was up 128 points or 0.79% at 16,258.80.
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The rupee is expected to maintain its trading range between the level of 74.20 and 74.70 as further additions were seen in ATM Call, Put strikes of USDINR, which indicates consolidation around these levels, said ICICI Direct.
The dollar-rupee August contract on the NSE was at Rs 74.44 in the last session. The open interest is almost unchanged for the August series, it added.
Oil prices fell for a third day on Wednesday on mounting concerns that the increasing spread of the Delta variant of the coronavirus in top consuming countries will cut fuel demand.