Rupee ends almost flat at 7487 vs US dollar
Mumbai Oct 21 PTI The rupee settled just 1 paisa higher at 7487 against the US dollar on Thursday amid a bearish trend in domestic equities and a strong greenback overseas Forex traders said foreign fund outflows strengthening of the dollar and firm crude prices in the international market restricted the appreciation bias in the local currency At the interbank forex market the local unit opened at 7486 against the greenback and moved in a range of 7469 to 7489 during the session It finally ended at 7487 registering a rise of just 1 paisa over its previous close The rupee on Wednesday had surged by 47 paise to close at a nearly two-week high of 7488 against the American currency On the domestic equity market front the BSE Sensex ended 33646 points or 055 per cent lower at 6092350 while the broader NSE Nifty fell 8850 points or 048 per cent to 1817810 Meanwhile the dollar index which gauges the greenbacks strength against a basket of six currencies advanced 009 per cent to 9364 Brent crude futures the global oil benchmark fell 105 per cent to USD 8492 per barrel Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 184309 crore as per exchange data According to Sriram Iyer Senior Research Analyst at Reliance Securities dollar sales by foreign banks capped the depreciation while importers covering kept the appreciation bias limited Asian equities were mostly lower along with equities in India and concerns of high inflation also kept appreciation bias capped this Thursday Technically the USD-INR Spot pair holds strong support zones at 7475-7463 levels Resistances are at 7500 and 7520 Iyer said In the overseas markets the dollar was flat against a basket of currencies while the 10-year US Treasury yields eased The Indian benchmark yields also eased as traders speculated that the central bank might announce a special debt purchase as early as Thursday which would aid a fall in yields Iyer said USD-INR spot closed flat near 7486 levels due to push and pull of a weak US Dollar Index and falling Indian stocks said Anindya Banerjee DVP Currency Derivatives Interest Rate Derivatives at Kotak Securities Ltd Banerjee added that with strength in emerging market currencies the rupee can appreciate towards 745060 levels in the coming days PTI DRR ABM ABM
Mumbai Oct 21 PTI The rupee settled just 1 paisa higher at 7487 against the US dollar on Thursday amid a bearish trend in domestic equities and a strong greenback overseas Forex traders said foreign fund outflows strengthening of the dollar and firm crude prices in the international market restricted the appreciation bias in the local currency At the interbank forex market the local unit opened at 7486 against the greenback and moved in a range of 7469 to 7489 during the session It finally ended at 7487 registering a rise of just 1 paisa over its previous close The rupee on Wednesday had surged by 47 paise to close at a nearly two-week high of 7488 against the American currency On the domestic equity market front the BSE Sensex ended 33646 points or 055 per cent lower at 6092350 while the broader NSE Nifty fell 8850 points or 048 per cent to 1817810 Meanwhile the dollar index which gauges the greenbacks strength against a basket of six currencies advanced 009 per cent to 9364 Brent crude futures the global oil benchmark fell 105 per cent to USD 8492 per barrel Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 184309 crore as per exchange data According to Sriram Iyer Senior Research Analyst at Reliance Securities dollar sales by foreign banks capped the depreciation while importers covering kept the appreciation bias limited Asian equities were mostly lower along with equities in India and concerns of high inflation also kept appreciation bias capped this Thursday Technically the USD-INR Spot pair holds strong support zones at 7475-7463 levels Resistances are at 7500 and 7520 Iyer said In the overseas markets the dollar was flat against a basket of currencies while the 10-year US Treasury yields eased The Indian benchmark yields also eased as traders speculated that the central bank might announce a special debt purchase as early as Thursday which would aid a fall in yields Iyer said USD-INR spot closed flat near 7486 levels due to push and pull of a weak US Dollar Index and falling Indian stocks said Anindya Banerjee DVP Currency Derivatives Interest Rate Derivatives at Kotak Securities Ltd Banerjee added that with strength in emerging market currencies the rupee can appreciate towards 745060 levels in the coming days PTI DRR ABM ABM
