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Rupee trades higher at 75.49 per dollar

Date: 02-07-2020
Subject: Rupee trades higher at 75.49 per dollar
Indian rupee is trading higher at 75.49 per dollar, amid buying seen in the domestic equity market.

It opened higher at 75.50 per dollar against Wednesday's close of 75.59.

At 12:10 IST, the Sensex was up 444.60 points or 1.26% at 35859.05, and the Nifty was up 126 points or 1.21% at 10556.

“The mixed risk sentiments are leading to a very lackluster trading in the forex market. Traders are unaware of which direction will the USDINR spot trade and are looking for more cues. The good news of economic recovery has been factored in, so any disappointment over coronavirus or US-China trade war will hamper the market sentiments," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

"In USDINR spot, 75.50 has been acting as a strong support. Only if it breaks then price can slump towards 75 otherwise we expect a rally towards 76.30 in coming sessions,” he added.

Gold prices slipped on Thursday, easing from a near eight-year high hit in the previous session, as strong U.S. data and hopes for a potential COVID-19 vaccine dented safe-haven sentiment.

Oil prices slipped in early trade on Thursday after California reimposed some coronavirus lockdown measures, stoking worries a resurgence in COVID-19 cases will stall a recovery in fuel demand.

The dollar was on the defensive against more growth-sensitive currencies on Thursday, following upbeat U.S. and European economic data but renewed worries about the coronavirus blunted more aggressive risk taking.
The rupee continued to trade in a range for a few days. However, the Dollar index remained above 97 levels, which will keep the rupee move in check. We feel the rupee will move towards 76 levels, said ICICIdirect.

The dollar-rupee contract on the NSE was at 75.80 in the last session. The open interest rose almost 1.2% in the last session, it added.

Source:- moneycontrol.com

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