We believe immediate support for the rupee is placed around 75.40 while the rupee should be bought on declines, says ICICIdirect.
Indian rupee opened higher by 14 paise at 75.52 per dollar on Friday against previous close of 75.66.
On June 25 the rupee recovered from the day's low and ended higher at 75.66.
At 10:04 IST, the Sensex was up 319.06 points or 0.92% at 35161.16, and the Nifty was up 99.70 points or 0.97% at 10388.60.
"Rupee ended muted on inflows into local stocks and selling by exporters. Indian stocks swung between gains and losses on Thursday after the International Monetary Fund slashed its growth outlook for the country and forecast a deeper global recession, with gains in consumer and pharma stocks offsetting losses. Rupee keeps its range bound trades continued between 75.50-75.90 & broad range of 75.00-76.40, said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.
Oil prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some U.S. states and indications of a revival in U.S. crude production.
The dollar held firm on Friday as caution over rapid rises in U.S. coronavirus cases cast doubt over the reopening of the economy, keeping the allure of its safe-haven value.
The rupee found support near 75.50 and witnessed some up move amid weakness in equity markets. We believe immediate support for the rupee is placed around 75.40 while the rupee should be bought on declines, said ICICIdirect.
The dollar-rupee contract on the NSE was at 75.65 in the last session. The open interest declined almost 8% in the June series but increased 27% in the July series ahead of the settlement, it added.WEBINAR: Tune in on June 30 at 11am to find out how term insurance can provide risk protection during tough times. Register Now!
