Rupee trades flat at 73.36 per dollar

Indian rupee is trading flat at 73.36 per dollar, amid buying seen in the domestic equity market.

It opened flat at 73.37 per dollar against previous close of 73.36.

At 11:19 IST, the Sensex was up 227.17 points or 0.56% at 40658.77, and the Nifty was up 54 points or 0.45% at 11927.

"Rupee ended little changed near 75.35 on Monday as concerns of US Presidential election got mostly offset by overseas funds inflows into local stocks. Dollar Index was weak on expectations of stimulus been introduced before election, but concerns about election outcome still persists amid rising cases of virus infection in some major parts of the world," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

"The range remains in band of 74.80-75.75 till the time new trigger of either stimulus announcement or US election outcome reveals," he added.

Oil prices slipped for a fourth straight day on Tuesday on worries about a resurgence of coronavirus cases globally stifling a promising recovery in fuel demand, while growing output from Libya adds to plentiful supply in the market.

The dollar index is likely to remain volatile due to election and Fed’s speech, which would provide some trigger to EM currencies. However, writing activity in 73.5 strike Call are likely to keep pair move in check, said ICICIdirect.