74.75-74.65 in next support level, says Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.
Indian rupee has extended the early gains and trading higher at 74.78 per dollar, amid buying seen in the domestic equity market.
It opened higher at 74.80 per dollar versus previous close of 74.91.
At 11:14 IST, the Sensex was up 406.77 points or 1.09% at 37825.76, and the Nifty was up 114.50 points or 1.04% at 11136.70.The rupee continued to strengthen against the dollar. It has moved below 75 levels. We feel the rupee could move towards 74.5 levels in the coming days, said ICICIdirect.
The dollar-rupee contract on the NSE was at 74.84 in the last session. The open interest rose 11.4% in the last session, it added.
Oil prices were little changed on Tuesday, trapped in the narrow trading band of the past three weeks as investors gauged hopes for a recovery in oil demand against fears of new lockdowns due to a growing number of coronavirus cases.
"Rupee ended higher Monday on likely overseas inflows into local stocks amid optimism following reports of progress in European Union's talks over additional stimulus which kept dollar prices on pressure. With crude prices hovering and balanced around 40.50 in WTI USDINR kept witnessing selling pressure. 74.75-74.65 in next support level," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.
First Published on Jul 21, 2020 10:00 am