The rupee is likely to trade between the level of 74.20 and 74.70 ahead of RBI’s monetary policy, said ICICI Direct.
Indian rupee is trading lower at 74.26 per dollar, amid volatile trade seen in the domestic equity market.
It opened flat at 74.16 per dollar against previous close of 74.18.
The Sensex was up 22.68 points or 0.04% at 54,392.45, and the Nifty was up 4.20 points or 0.03% at 16,263.
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The rupee is likely to trade between the level of 74.20 and 74.70 ahead of RBI’s monetary policy 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 74.34 in the last session. The open interest was up by 5% for the August series, it added.
The dollar was poised to push higher on Thursday as hawkish comments from the U.S. Federal Reserve led markets to bring forward the likely timing of a policy tightening there, while action in Europe and Japan remain distant prospects.
Gold prices inched lower on Thursday after the dollar firmed and remarks from a top U.S. Federal Reserve official signalled the possibility of bringing forward policy tightening.
Oil prices edged higher on Thursday, supported by tensions in the Middle East, but failed to regain most of the previous day’s losses after a surprise build in crude stockpiles in the United States, the world’s top oil consumer.
