Rupee ends lower at 73.64 per dollar

Due to a fall in the Dollar index, the USD-INR pair moved towards its support levels. We feel a bounce could be seen towards 74 levels from the support, says ICICIdirect.

Moneycontrol News

December 15, 2020 / 03:37 PM IST

rupee

Indian rupee ended lower at 73.64 per dollar, amid volatile trade seen in the domestic equity market.

It opened lower at 73.64 per dollar on Tuesday against previous close of 73.57 and remained in the range of 73.59-73.67.

At 14:26 IST, the Sensex was up 33.70 points or 0.07% at 46,287.16, and the Nifty was up 12 points or 0.09% at 13,570.20.

Due to a fall in the Dollar index, the USD-INR pair moved towards its support levels. We feel a bounce could be seen towards 74 levels from the support, said ICICIdirect.

The dollar-rupee December contract on the NSE was at 73.65 in the last session. The open interest fell marginally by 1.8% in the December series contract, it added.

The dollar traded near 2-1/2-year lows against major peers on Tuesday as demand for the safest assets flagged amid progress toward agreeing U.S. fiscal stimulus and optimism for a Brexit deal.

Oil prices dipped in early trade on Tuesday, with demand worries due to tighter lockdowns in Europe outweighing relief from vaccination rollouts and concerns about a flare-up of tension in the Middle East.

“The Nov CPI came in at 6.93% compared to 7.61% in Oct. The abatement in the surging India’s inflation data is mainly due to some moderation in food prices. But the broad based sequential rise in petrol prices will keep the inflation data above the RBI’s upper band of 6% for sometime going ahead," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.