“Prices have been taking support near 79.90-80.00 mark strongly and faced resistance near 79.50, which is the 50 DMA mark, if prices starts trading higher above 79.50 on rupee then further rise in rupee can be seen, which can take price of rupee towards 79.00 levels,” Trivedi said. The common currency is expected to add gains as there is no apparent big market-moving news and no major development to speak of,” Parmar said.Īccording to Jateen Trivedi, VP Research Analyst at LKP Securities, rupee traded in a volatile range of 79.45-79.70 and ended near 79.55 as Crude prices gave short covering from lower levels and dollar index stayed weak. “The euro extended gains, rising the most in six months against the dollar, after hawkish commentary from ECB policymakers and reports of Ukraine retaking territory from Russia boosted sentiment. Spot USDINR is expected to trade in the range of 79.20 to 79.90 with a near-term bias turning slightly weak amid broad-based dollar weakness. Following the stronger Chinese Yuan, the rupee opened at 79.68 and made an intra-day high of 79.4675 before closing at 79.53,” said Dilip Parmar, Research Analyst, HDFC Securities. “Indian rupee started the week on a positive note following risk-on moods and a weaker dollar index. Euro did witness volatility but hawkish central bank statements kept the currency supported at lower levels,” Somaiya said. “Gains in the currency were led also by a rally in domestic equities. Somaiya further said the expectation is that inflation could remain unchanged compared to the previous month. Market participants remained cautious also ahead of inflation and IIP numbers that will be released on the domestic front,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. “Rupee continued to appreciate as the dollar weakened against its major crosses. Nageswaran further said “the RBI is making sure that whatever direction the rupee is moving in line with the market trends is just gradual and doesn’t impose burden either on importers or exporters.”. The rupee can take care of itself,” Nageswaran said. “India is not defending the rupee… I don’t think Indian fundamentals are such that we need to defend the rupee. Meanwhile, Chief Economic Advisor V Anantha Nageswaran on Tuesday said India is not defending the rupee and the Reserve Bank of India is taking necessary steps to ensure that the movement of the rupee is gradual and in line with market trends. On the domestic macroeconomic front, retail inflation accelerated to 7 per cent in August driven by high food and fuel costs, while factory output plunged to a four-month low of 2.4 per cent.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets, as they purchased shares worth Rs 2,049.65 crore on Monday, according to provisional data. On the domestic equity market front, the BSE Sensex ended 455.95 points or 0.76 per cent higher at 60,571.08, while the broader NSE Nifty gained 133.70 points or 0.75 per cent to 18,070.05. The market participants’ pricing in the US consumer price data due later Tuesday, will show that inflation is near peaking, challenging the dollar-dominance narrative, Parmar added. The dollar gauge fell for the third consecutive day, the longest losing streak in a month, in the run-up to the CPI data. The dollar inflows from foreign institutions and corporates also supported the rupee,” said Dilip Parmar, Research Analyst, HDFC Securities. “The Indian rupee registered the biggest one-day gains after July 27, amid long unwinding in the dollar and risk-on sentiments. The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.40 per cent to 107.89.īrent crude futures, the global oil benchmark, advanced 0.96 per cent to USD 94.87 per barrel.
It finally ended at 79.17, up 36 paise from its previous close of 79.53. It witnessed an intra-day high of 79.03 and a low of 79.33 during the session. At the interbank forex market, the local unit opened at 79.30 against the greenback. The rupee appreciated by 36 paise to close at 79.17 (provisional) against the US dollar on Tuesday, tracking the dollar’s decline versus its major peers and foreign fund inflows.
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