We feel the rupee will consolidate near 74.5 levels, says ICICIdirect.
Indian rupee slipped and trading at day's low point at 74.88 per dollar, amid selling seen in the domestic equity market.
It opened flat at 74.70 per dollar against previous close of 74.68.
On July 6, rupee ended marginally lower at 74.68 per dollar in the volatile session.
At 11:32 IST, the Sensex was down 154.32 points or 0.42% at 36332.96, and the Nifty was down 56.80 points or 0.53% at 10706.90.
Positive inflows continued to drive the rupee higher. It is moving towards its October 2018 levels. We feel the rupee will consolidate near 74.5 levels, said ICICIdirect.
The dollar-rupee contract on the NSE was at 74.78 in the last session. The open interest rose almost 8.0% in the last session, it added.
Oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand.
First Published on Jul 7, 2020 10:00 am