As the Dollar index is expected to move towards 92 levels, we may see the rupee move towards 74 levels, says ICICIdirect.
Indian rupee opened marginally lower at 74.49 per dollar on Wednesday against previous close of 74.46, amid flat trading seen in the domestic equity market.
On November 17, domestic unit ended higher at 74.46 per dollar versus Friday's close of 74.60.
At 10:01 IST, the Sensex was up 21.05 points or 0.05% at 43973.76, and the Nifty was up 1.60 points or 0.01% at 12875.80.
Oil prices fell on Wednesday after a bigger-than-expected build in U.S. crude stockpiles stoked fears for weak fuel demand and a potential supply glut, but hopes that OPEC and its allies will postpone a planned January increase to oil output braked losses.USD-INR pair continued to find hurdles at higher levels due to continuous profit booking and writing in OTM strike Calls. As the Dollar index is expected to move towards 92 levels, we may see the rupee move towards 74 levels, said ICICIdirect.
The dollar-rupee November contract on the NSE was at 74.50 in the last session. The open interest fell 4.8% for the November series contract, it added.
First Published on Nov 18, 2020 10:00 am