Rupee opens 17 paise higher at 73.60 per dollar

The Indian rupee opened 17 paise higher at 73.60 per dollar on October 1 against the previous close of 73.77.

The Indian currency rose after the greenback eased against its global peers following robust US data and stimulus hopes.

A rally in the equity market also influenced the mood in the forex trade.

Equity benchmarks Sensex and Nifty jumped over a percent each in morning trade, following the global trend as renewed hopes for fresh US stimulus measures influenced the mood of the market.

Brokerage firm ICICI Direct has a sell call on USDINR trade.

As per the brokerages, the dollar is expected to remain under pressure as uncertainty over the outcome of the US presidential election remains high after a chaotic encounter in which the candidates battled over the President’s leadership on the Coronavirus pandemic, the economy and taxes.

The dollar-rupee October contract on the NSE was at 73.93 in the last session. The open interest in the October series increased 6.44 percent while it also increased 1.8 percent in the next series.

The brokerage advises selling USDINR in the range of 73.94-73.96 for targets of 73.85, 73.80 and a stop loss of 74.05.