Rupee ends 22 paise higher at 73.86 per dollar

We feel the USDINR pair should move higher towards 74.50 levels, says ICICI Direct.

Moneycontrol News
June 18, 2021 / 03:51 PM IST

Indian rupee erased intraday losses and ended 22 paise higher at 73.86 per dollar, amid volatile trade saw in the domestic equity market.

It opened flat at 74.10 per dollar against previous close of 74.08 and traded in the range of 73.82-74.27.

The Sensex was up 21.12 points or 0.04% at 52344.45, and the Nifty was down 8 points or 0.05% at 15683.40.

Oil prices fell for a second consecutive day on Friday as the US dollar soared on the prospect of interest rate hikes in the United States, but were nevertheless on track to finish the week flat - only slightly off multi-year highs.

 Gold prices edged higher on Friday, but were on track for their worst week since March 2020 after the U.S. Federal Reserve’s hawkish message on monetary policy bolstered the dollar and bond yields, while denting bullion’s appeal as an inflation hedge.
 A sharp up move was seen in the dollar index post the FOMC meet. On the back of that, the USDINR crossed its Call base of 74. We feel the USDINR pair should move higher towards 74.50 levels, said ICICI Direct.


The dollar-rupee June contract on the NSE was at Rs 74.18 in the last session. The open interest rose 2% for the June series, it added.

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