Rupee opens marginally higher at 73.54 per dollar

Despite the weakening dollar, the USD-INR found support near its highest Put base of 73.50. We believe these levels will be tough for the pair to breach on downsides and buying can be seen from here, says ICICIdirect.

Moneycontrol News

December 18, 2020 / 10:04 AM IST

Indian rupee opened marginally higher at 73.54 per dollar on Friday against previous close of 73.58, amid selling seen in the domestic equity market.

On December 18, rupee ended flat at 73.58 versus Wednesday's close of 73.58.

At 10:02 IST, the Sensex was down 206.93 points or 0.44% at 46683.41, and the Nifty was down 65.80 points or 0.48% at 13674.90.

Oil prices eased on Friday but stayed within touching distance of nine-month highs hit overnight as soaring COVID-19 cases weigh on fuel demand and U.S. lawmakers continue to battle over a $900 billion economic stimulus package.

The dollar has sunk through major support levels and looked set for its worst week in a month on Friday, as its accelerating slide sucked in more short sellers keen to make an easy buck.

Despite the weakening dollar, the USD-INR found support near its highest Put base of 73.50. We believe these levels will be tough for the pair to breach on downsides and buying can be seen from here, said ICICIdirect.

The dollar-rupee December contract on the NSE was at 73.66 in the last session. The open interest increased sharply by another 15% in the December series contract, it added.

Moneycontrol News

TAGS: #Rupee

first published: Dec 18, 2020 10:00 am