Rupee opens 4 paise higher at 64.87 against US dollar; Here’s the trading strategy
NEW DELHI: The rupee extended its gains on Friday and opened 4 paise higher at 64.87 against on account of selling of dollar by speculative traders and exporters.
Meanwhile, benchmark equity indices opened on a flat note on Thursday following global cues. The 30-share BSE Sensex opened 6.60 points, or 0.02 per cent, up at 29538.03, while the 50-share NSE Nifty index opened 1.20 points, or 0.01 per cent, down at 9,142.60.
The local currency on Wednesday touched a fresh 17-month high and settled above 65-mark against dollar. Rupee closed 13 paise up at 64.91 in the previous trading session.
For trading perspective, Choice Broking said, “one can sell USD-INR in the range of 65.20 with stop loss of 65.40 for the target of 64.80 levels.”
Angel Broking in a note said, “India’s economic fundamentals looks strong which has prompted the foreign investors to park their funds in rupee denominated assets. Sustained buying by FIIs have pushed the rupee higher. We believe USDINR spot is likely to appreciate today.”
On a month-to-date basis, foreign portfolio investors have pumped in Rs 30,787 crore and Rs 27,967 crore, respectively, in equities and debt markets till March 29.
Government bonds ended lower on Wednesday, as investors locked in profits after a recent rally, even as the underlying sentiment remained positive amid strong overseas interest for emerging market debt. The benchmark 6.97% 2026 bond yield rose to 6.74 per cent from 6.71 per cent in the previous session.
Meanwhile, benchmark equity indices opened on a flat note on Thursday following global cues. The 30-share BSE Sensex opened 6.60 points, or 0.02 per cent, up at 29538.03, while the 50-share NSE Nifty index opened 1.20 points, or 0.01 per cent, down at 9,142.60.
The local currency on Wednesday touched a fresh 17-month high and settled above 65-mark against dollar. Rupee closed 13 paise up at 64.91 in the previous trading session.
For trading perspective, Choice Broking said, “one can sell USD-INR in the range of 65.20 with stop loss of 65.40 for the target of 64.80 levels.”
Angel Broking in a note said, “India’s economic fundamentals looks strong which has prompted the foreign investors to park their funds in rupee denominated assets. Sustained buying by FIIs have pushed the rupee higher. We believe USDINR spot is likely to appreciate today.”
On a month-to-date basis, foreign portfolio investors have pumped in Rs 30,787 crore and Rs 27,967 crore, respectively, in equities and debt markets till March 29.
Government bonds ended lower on Wednesday, as investors locked in profits after a recent rally, even as the underlying sentiment remained positive amid strong overseas interest for emerging market debt. The benchmark 6.97% 2026 bond yield rose to 6.74 per cent from 6.71 per cent in the previous session.
