Rupee Snaps 3-Day Losing Streak, Settles Higher At 73.50 Against Dollar

Rupee Vs Dollar Rate Today: At the interbank foreign exchange market, the domestic unit opened on a weak note at 73.77 against the dollar and registered an intra day high of 73.48.

Rupee Snaps 3-Day Losing Streak, Settles Higher At 73.50 Against Dollar

Rupee Vs Dollar Today: The rupee settled at 73.50 against the dollar

The rupee snapped its three-day losing streak and gained 10 paise against the US dollar on Thursday, September 9, to settle at 73.50 (provisional), tracking recovery in the domestic equities. At the interbank foreign exchange market, the domestic unit opened on a weak note at 73.77 against the dollar and registered an intra day high of 73.48. It witnessed a low of 73.85. In an early trade session, the local unit slipped 22 paise to 73.82 against the greenback. 

The rupee closed at 73.50, registering a rise of 10 paise against its previous closing. In the previous session, the local unit settled at 73.60 against the American currency Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.11 per cent to 92.54.


Mr Amit Pabari, MD, CR Forex:

''The market now awaits today's ECB policy announcement, where participants are fairly divided on the central bank's call on reducing their PEPP (emergency) program. Those apart, other issues like the US debt ceiling, climate changes, German political election, volatility in crude oil, and geopolitical tensions in Afghanistan could weaken the EM FX and create a demand for the USD again.

Thus, we are expecting that the USDINR pair should continue to move further higher towards its breakdown point of 74.00 in the near term and if crossed then it could eye 74.40-50 levels. The support is lifted higher at 73.40 and next at 73.20 levels.


On the domestic equity market front, the BSE Sensex ended 54.81 points or 0.09 per cent higher at 58,305.07, while the broader NSE Nifty climbed 15.75 points or 0.09 per cent to 17,369.25.
 

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Limited:

''Markets witnessed another lackluster trading session ahead of a long weekend and sluggishness across the global indices. Due to lack of follow-through buying interest, benchmark Nifty consolidated in the range of 17250-17450 levels. On weekly charts, the market has maintained a breakout continuation formation but on intraday charts, it has formed a double top formation which indicates temporary weakness.

While the medium-term trend is still positive, traders may prefer to book profits near resistance levels due to an overstretched rally. For the bulls, 17250 and 17200 would be key support levels.''

According to exchange data, the foreign institutional investors were net sellers in the capital market on September 8 as they offloaded shares worth Rs 802.51 crore. Brent crude futures, the global oil benchmark, rose 0.29 per cent to $ 72.81 per barrel.