Mumbai: Rupee The nine-day winning streak was broken by just one paisa as compared to 74.71. U.S. Dollar On Wednesday, the market sentiment was affected due to the softness in the domestic stock market and a strong greenback abroad.
on the interbank foreign currencyThe rupee started on a weak note of 74.69 against the dollar. During the day, it had a maximum of 74.68 and a low of 74.86.
The domestic unit finally ended at 74.71, a decline of just one paise over its previous close.
In the previous session, the rupee registered its ninth straight gain and edged higher by 30 paise to settle at a one-month high of 74.70 against the greenback.
Forex traders said the rupee is expected to trade in a close range this week amid the year-end holidays.
“The rupee traded in a narrow range, but volatility was low as market participants remained on the sidelines after the New Year holidays.
“On the domestic front, only fiscal balance numbers will be the key data to look at, and higher deficit could limit gains for the currency,” said Gaurang Somaiya, Forex and Bullion Analyst. Motilal Oswal Financial Services,
The dollar rose on safe-haven buying after a surge in Covid cases and hopes the Federal Reserve could raise interest rates in early March.
“Today, from the US, the trade balance number will be issued and this could lead to volatility for the dollar. We expect USD/INR (Spot) to trade in the range of 74.50 and 75.20,” Somaiya said.
On the domestic equity market front, the BSE Sensex ended 90.99 points or 0.16 per cent lower at 57,806.49, while the broader NSE Nifty It fell 19.65 points, or 0.11 percent, to 17,213.60.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.18 per cent to 96.37.
Global oil benchmark Brent crude futures rose 0.11 per cent to $79.03 a barrel.
Jatin Trivedi, Senior Research Analyst, LKP Securities said, “Rupee muted around 74.75 with dollar index hovering around 96.40. Holiday mood kept the market muted and in a tight tight volatile range.”
Trivedi further said that “traders are awaiting OPEC+ results in the first week of January 2022, which is the first trigger for the markets. Rupee range may be seen between 74.50-74.95”.
Foreign institutional investors became net buyers in the capital market on Tuesday as they bought shares worth Rs 207.31 crore, according to stock exchange data.
According to Emkay Global Financial Services, “Soft risk-on/risk-off dynamics will place a range-bound move in the spot and we can expect it to trade within 74.50-75.30.”
on the interbank foreign currencyThe rupee started on a weak note of 74.69 against the dollar. During the day, it had a maximum of 74.68 and a low of 74.86.
The domestic unit finally ended at 74.71, a decline of just one paise over its previous close.
In the previous session, the rupee registered its ninth straight gain and edged higher by 30 paise to settle at a one-month high of 74.70 against the greenback.
Forex traders said the rupee is expected to trade in a close range this week amid the year-end holidays.
“The rupee traded in a narrow range, but volatility was low as market participants remained on the sidelines after the New Year holidays.
“On the domestic front, only fiscal balance numbers will be the key data to look at, and higher deficit could limit gains for the currency,” said Gaurang Somaiya, Forex and Bullion Analyst. Motilal Oswal Financial Services,
The dollar rose on safe-haven buying after a surge in Covid cases and hopes the Federal Reserve could raise interest rates in early March.
“Today, from the US, the trade balance number will be issued and this could lead to volatility for the dollar. We expect USD/INR (Spot) to trade in the range of 74.50 and 75.20,” Somaiya said.
On the domestic equity market front, the BSE Sensex ended 90.99 points or 0.16 per cent lower at 57,806.49, while the broader NSE Nifty It fell 19.65 points, or 0.11 percent, to 17,213.60.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.18 per cent to 96.37.
Global oil benchmark Brent crude futures rose 0.11 per cent to $79.03 a barrel.
Jatin Trivedi, Senior Research Analyst, LKP Securities said, “Rupee muted around 74.75 with dollar index hovering around 96.40. Holiday mood kept the market muted and in a tight tight volatile range.”
Trivedi further said that “traders are awaiting OPEC+ results in the first week of January 2022, which is the first trigger for the markets. Rupee range may be seen between 74.50-74.95”.
Foreign institutional investors became net buyers in the capital market on Tuesday as they bought shares worth Rs 207.31 crore, according to stock exchange data.
According to Emkay Global Financial Services, “Soft risk-on/risk-off dynamics will place a range-bound move in the spot and we can expect it to trade within 74.50-75.30.”
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