We feel the rupee will consolidate near 74.5 levels, says ICICIdirect.
After a flat start Indian rupee ended near the day's low level at 74.93 per dollar, amid volatile trade seen in the domestic equity market.
It opened flat at 74.70 per dollar against previous close of 74.68 and traded in the range of 74.67-74.97.
At 14:05 IST, the Sensex was up 16.90 points or 0.05% at 36504.18, and the Nifty was down 8.80 points or 0.08% at 10754.90.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