Indian rupee is trading flat at 73.66 per dollar


Indian rupee is trading flat at 73.66 per dollar, amid volatile trading seen in the domestic equity market.

India’s GDP is expected to contract by 8 per cent

It opened flat at 73.66 per dollar against previous close of 73.66.

At 13:58 IST, the Sensex was up 74.11 points or 0.16% at 46033.99, and the Nifty was up 23.60 points or 0.18% at 13501.90.

“The dollar rupee in a small range of 73.50/80. Exporters to keep selling for very near term at 73.80, while importers to hedge near 73.55 drain for near term. RBI continues to absorb flows while FPIs continue to invest. Brexit, Stimulus not affecting our markets at all,” said Anil Kumar Bhansali – Head, Treasury, Finrex Treasury Advisors.

Oil rose around 1% on Friday, extending a sharp rally overnight that saw Brent rise above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year.

Volatility remained high in the forex market due to Brexit deal. We feel the Dollar index could bounce towards 91 levels if no smooth Brexit deal is seen. This would help the USD-INR pair to move towards 74.20 levels in coming days, said ICICIdirect.

The dollar-rupee December contract on the NSE was at 73.81 in the last session. The open interest fell marginally by 0.5% for the December series contract, it added.

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