We feel the rupee could depreciate marginally from here, says ICICIdirect.
Indian rupee erased some of the early losses but still trading lower at 73.32 per dollar, amid buying seen in the domestic equity market.t.
It opened lower by 13 paise at 73.40 per dollar against previous close of 73.27.
At 11:01 hrs IST, the Sensex is up 125.91 points or 0.31% at 40719.71, and the Nifty up 40.70 points or 0.34% at 11971.70.
The dollar index tested its two week low and is likely to move further higher towards 93.5 levels. This will keep an Asian currency move in check. We feel the rupee could depreciate marginally from here, said ICICIdirect.
The dollar-rupee October contract on the NSE remained largely flat near 73.41 in the last session. The open interest has risen 9.0% for the October series in the last session, it added.
The dollar flirted with three-week lows on Tuesday as investors stuck to hopes that there will be large U.S. fiscal stimulus after the November 3 election to shore up a pandemic-hit economy, supporting riskier currencies.First Published on Oct 13, 2020 10:00 am