The Indian rupee is likely to gyrate in the range of 75.20 and 76.60 in near term, says Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
Indian rupee erased all its intraday gains and trading flat at 75.70 per dollar, amid profit booking seen in the domestic equity market.
Domestic currency opened higher at 75.62 per dollar against previous close of 75.71.
On May 4 the rupee has finished lower by 61 paise at 75.71 per dollar.
At 12:46 IST, the Sensex was up 173.00 points or 0.55% at 31888.35, and the Nifty was up 46.15 points or 0.50% at 9339.65.
"The Indian rupee posted losses of 0.82 percent to close at 75.72 against the US dollar amid resurfacing of trade tensions between the US and China. The greenback surged following safe-haven buying as uncertainty increased after President Trump threatened to impose new tariffs on China," said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
"Alongside, the selloff in domestic and global equities has led to selling pressure in the domestic currency at the beginning of the week."
"Going ahead, the sentiments remain weak and fresh concerns that trade tensions could delay an economic recovery are likely to weigh on the local unit. The Indian rupee is likely to gyrate in the range of 75.20 and 76.60 in near term," she added.First Anniversary Offer: Subscribe to Moneycontrol PRO’s annual plan for ₹1/- per day for the first year and claim exclusive benefits worth ₹20,000. Coupon code: PRO365
