The immediate resistance for rupee lies around 75.60, says Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.
Indian rupee erased early losses but still trading marginally lower at 75.49 per dollar, amid flat trading seen in the domestic equity market.
It opened lower by 15 paise at 75.61 per dollar versus Wednesday's close of 75.46 per dollar.
On June 3 the domestic unit erased all the intraday gains and ended 10 paise lower at 75.46 per dollar.
At 11:21 IST, the Sensex was down 79.51 points or 0.23% at 34030.03, and the Nifty was down 18.80 points or 0.19% at 10042.70.
Oil prices fell on Thursday, reversing gains in the previous session, on concerns that supply will rise if major producers are unable to agree to extend the depth of output cuts that have supported recent gains.
"Now investors have started focusing on the prospect that economies are re-opening all over the world from the pandemic. Thus, risk sentiment have turned positive and dollar index is subdued amongst major emerging market currencies," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.
"There still exists slew of risks, including US-China trade tiff and concerns that it may jeopardise the Phase-1 deal."
"Despite, strong inflows into equity, USD/INR spot was unable to break the crucial support of 75, and it reversed towards 75.40. The immediate resistance lies around 75.60," he added.Facebook-BCG report suggests these measures for businesses to unlock the changing consumer behaviour in the current pandemic. Read More!
