Rupee opens marginally lower at 73.59 per dollar

We continue to believe that higher levels should remain a shorting opportunity considering continued FII flows in emerging markets, saysICICIdirect.

Moneycontrol News

Dec 9, 2020 / 10:00 AM IST

rupee

Indian rupee opened marginally lower at 73.59 per dollar on Wednesday versus previous close of 73.52, amid buying seen in the domestic equity market.

On November 8, domestic unit ended at day's high level at 73.52 per dollar versus Monday's close of 73.90.

At 10:02 IST, the Sensex was up 285.94 points or 0.63% at 45,894.45, and the Nifty was up 80.40 points or 0.60% at 13,473.40.

Oil prices edged lower on Wednesday on concerns over an unexpected jump in U.S. oil inventories last week, but positive news on COVID-19 vaccines lifted investors hopes for a recovery in fuel demand, capping losses.

USD-INR December futures appreciated sharply in the last session and made lows near 73.67. We continue to believe that higher levels should remain a shorting opportunity considering continued FII flows in emerging markets, said ICICIdirect.

The dollar-rupee December contract on the NSE was at 73.74 in the last session. The open interest increased marginally by 2.98% for the December series contract, it added.

Moneycontrol News

TAGS: #Rupee

first published: Dec 9, 2020 10:00 am