Rupee Vs Dollar Today: Rupee closes at 75.02 against dollar
On Friday, December 24, the rupee edged higher by 24 paise at 75.02 (provisional) against the US dollar for the seventh day in a row – its highest in three weeks, Omicron Risk appetite improved amid fears of a fall from coronavirus. ,
At the interbank forex market, the domestic unit opened at 75.12 against the dollar and registered an intra-day high of 75.00. This was observed and was a low of 75.20. In the opening trading session, the local unit advanced 14 paise to 75.12 against the greenback.
On Thursday, December 23, the rupee gained 28 paise to close at 75.26 against the US currency. Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.06 per cent to 96.01. According to forex traders, most of the major currency pairs are trading in a narrow range ahead of the holidays and extended long weekends in the United States.
Mr Amit Pabri, MD, CR Forex: Risk sentiment still prevails despite UK seeing all-time high COVID cases, Europe reeling under strict lockdown and China now ordering a lockdown in Xi’an, a city of 13 million people in central China Have given.
Oil prices are also trading at their highest level since the announcement of the new variant-Omicron by the WHO last month, following improved sentiment.
In the bond market, India’s 10-year yield is hovering near March-2020 highs and the market is discounting the RBI’s bullish turn. Overall, the coming time will certainly bring high volatility in the pair. We are expecting a short term range for USDINR from 74.50 to 76.00.
On the domestic equity market front, the BSE Sensex ended 190.97 points or 0.33 per cent lower at 57,124.31, while the broader NSE Nifty fell 68.85 points or 0.4 per cent to 17,003.75.
“The three-day rally broke down as the Omicron variant spread worries and fresh lockdown concerns created panic among investors. Nifty managed to close above 17000 despite volatility within the day. Index still at lower levels persists, indicating medium-term weakness.
The trading set up suggests that the index is likely to consolidate within the 16800 to 17250 level, before a fresh breakout. Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd.
Foreign institutional investors were net sell-offs in the capital markets on Thursday as they offloaded shares worth Rs 271.59 crore, according to exchange data. Global oil benchmark Brent crude futures fell 1.16 per cent to $75.96 a barrel.
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