The currency market was shut on Tuesday, April 14 on account of Dr Dr. Babasaheb Ambedkar Jayanti.
Indian rupee has erased all its early gains and trading at day's low level at 76.24 per dollar, amid buying seen in the domestic equity market.
It opened 31 paise higher at 75.96 per dollar on Wednesday against Monday's close of 76.27.
The currency market was shut on Tuesday, April 14 on account of Dr Dr. Babasaheb Ambedkar Jayanti. On April 13, rupee ended flat at 76.27.
"Indian rupee witnessed a marginal uptick after testing a record low of 76.55 last week. Decline in crude oil prices supported the local unit to some extent, as record production cut agreement by OPEC+ still looks insufficient to rebalance the oil market," said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
"Alongside, the coronavirus pandemic is keeping investors on the edge and that is likely to steer the domestic currency on an unhindered path towards 77.50 mark in coming days," she added.
The dollar-rupee April contract on the NSE was at 76.46 in the previous session. The open interest has declined by 7% during the session. Despite sharp recovery seen in equities, INR has failed to show sign of any major appreciation. We believe weakness may continue and one should utilise downsides in the pair to initiate long positions, said ICICIdirect.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
