We feel the rupee would consolidate in a range for a few weeks before moving towards 73.5 levels, says ICICIdirect.
Indian rupee is trading lower at 74.25 per dollar, amid buying seen in the domestic equity market.
It opened lower at 74.23 per dollar against previous close of 74.17.
At 11:10 IST, the Sensex was up 144.46 points or 0.33% at 43422.11, and the Nifty was up 55.80 points or 0.44% at 12686.90.
Oil futures rose on Wednesday after an industry report showed that U.S. crude inventories fell by more than expected as prices continued to be supported by news of successful trials of a vaccine for coronavirus.Despite positive domestic equities, the rupee depreciated marginally on the back of bounce in Dollar index, which had moved to two month’s low. We feel the rupee would consolidate in a range for a few weeks before moving towards 73.5 levels, said ICICIdirect.
The dollar-rupee November contract on the NSE was at 74.38 in the last session. The open interest fell 0.6% for the November series contract, it added.
First Published on Nov 11, 2020 10:00 am