Looking at the consolidation in Dollar index, ICICIdirect feels that the rupee will remain in a range.
Indian rupee trading marginally higher at 75.60 per dollar, amid buying seen in the domestic equity market.
Rupee opened flat at 75.67 per dollar against previous close of 75.66.
At 11:05 IST, the Sensex was up 222.37 points or 0.73% at 30831.67, and the Nifty was up 64.80 points or 0.72% at 9093.85.
The dollar edged higher on Wednesday as worries about the U.S. response to China’s proposed security law for Hong Kong supported safe-haven demand for the greenback.
The dollar-rupee contract on the NSE was at 75.67 in the last session. The open interest fell almost 21.4% during the last session ,said ICICIdirect.
The rupee again approached its sizeable Call base of 76. We feel a close above these levels would open the gates for more upsides. However, looking at the consolidation in Dollar index we feel, the rupee will remain in a range, it added.
Oil prices fell on Wednesday on concerns over how quickly fuel demand will recover even as lockdowns ease in many countries with falling coronavirus cases, with U.S.-China tensions adding to pressure.
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First Published on May 27, 2020 10:00 am
