The USD-INR pair is likely to move higher as Covid-19 cases are increasing, says ICICIdircet.
Indian rupee erased initial losses and ended near day's high level at 75.50 per dollar, amid volatility seen in the domestic equity market.
It opened 15 paise lower at 75.88 per dollar and touched intraday low of 75.95 per dollar.
At 14:27 IST, the Sensex was down 263.18 points or 0.83% at 31298.04, and the Nifty was down 62.45 points or 0.68% at 9176.75.
Oil futures climbed in early trade on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain the glut in the global market that has grown as the coronavirus pandemic crushed fuel demand.
The USD-INR pair is likely to move higher as Covid-19 cases are increasing. The Dollar index is trading in a range. If it manages to close above 100.60 levels, most EM currencies will further depreciate, said ICICIdircet.
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First Published on May 12, 2020 10:00 am
