Rupee call:
The rupee has been under pressure for the past few trading sessions and it closed below the support of 74.6 yesterday, hinting further depreciation from the current level. However, the dollar index indicate sluggish dollar movement. Because of this the currency pair USDINR is likely to consolidate in today’s session.
Fresh positions are not recommended until either 74.6 or 74.75 are breached. Above 74.6, INR can appreciate to 74.2 whereas a break below 74.75 can drag it towards 75.
Supports: 74.75 and 75.00
Resistances: 74.60 and 74.25
Rupee open:
Rupee opened on a flat note, higher by 1 paisa at 74.63 against US dollar.
Opening overview:
The benchmark indices today fell as investors continued to lock in gains on bank shares following a sharp rally, while assessing retail inflation data that was higher than the central bank's target.
The NSE Nifty 50 index was down 0.5 per cent at 12,625.4 and the benchmark S&P BSE Sensex fell 0.52 per cent to 43,113.38. The two main indexes, however, were on track to post gains for the week.
The Nifty banking index, which posted gains of over 20 per cent in an eight-day winning streak until Wednesday, was down 1.3 per cent in early Friday trading.
Private-sector lenders Indusind Bank, ICICI Bank and Axis Bank fell over 1.3 per cent each.
Meanwhile, India's retail inflation was over 7 per cent in October for a second straight month and remained above the Reserve Bank of India's (RBI) target of 2-6 per cent, giving the central bank little room to cut rates. (Reuters)
Opening bell:
Today, the benchmark index BSE Sensex started the session with a fall of 206.58 points to 43,150.61. Nifty slipped 52.85 points to 12,637.95.