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Rupee Decreases 3 Paise To 74.90 Versus Dollar In The Middle Of Muted Domestic Equities

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Rupee Vs Dollar Today: The rupee settled at 74.90 versus the dollarThe rupee decreased three paise versus the United States dollar on Friday, October 22, to settle at 74.90, tracking a soft pattern in domestic equities and firm petroleum rates.

At the interbank forex market, the domestic unit opened at 74.82 and registered an intra-day high of 74.69.

It experienced a low of 74.94 throughout the day's trade.

In an early trade session, the regional unit inched 5 paise to 74.82 against the greenback.

The rupee settled at 74.90 against the dollar, down 3 paise against its previous close.On Thursday, October 21, the local system decided on a flat note at 74.87 versus the American currency.

On the other hand, the dollar index, which gauges the greenback's strength versus a basket of 6 currencies, was trading 0.18 per cent down at 93.60.

What experts say: Mr Amit Pabari, MD, CR Forex: The long streak of IPOs and corporate loaning might be positive points for the rupee and might act on behalf of RBI to calm down the diminishing relocation beyond the 75.50 mark.

In a nutshell, provided factors remains the same; but their impact might shock the move.Any further addition of the fuel in Petroleum's fire, strong healing in DXY ahead of Fed's Nov tapering, or mean-reverting relocation in the Indian market might once again take the USDINR set above the 75.50 mark.

Anindya Banerjee, DVP, Currency Derivatives - & Rates Of Interest Derivatives at Kotak Securities: Considering that completion of September, rupee has been among the weakest currencies in the world on the back of rising oil costs.

Nevertheless, thanks to bumpy business inflows and sharp gratitude in the Chinese currency, the rupee valued by nearly a percent against the US dollar.The gains could have been far larger if local equity markets had not been under selling pressure this week.

Next week, focus will be on oil costs, USDCNH and Nifty.

If oil costs continue to climb up, with Nifty continuing to slide but USD CNH weak, then USDINR may not have a clear cut direction.

It might slip into a range between 74.60 and 75.10 levels on area.

Domestic Equity Markets Today: On the domestic equity market front, the BSE Sensex ended 101.88 points or 0.17 percent lower at 60,821.62, while the wider NSE Nifty declined 63.20 points or 0.35 per cent to 18,114.90.

Shrikant Chouhan, Head of Equity Research Study (Retail), Kotak Securities Limited: Markets are taking hints from volatile global equities and financiers back home are scheduling profits after the recent rise even as yank of war continues between bulls and bears intra-day.

Technically, on weekly charts benchmark Nifty has actually formed a bearish candle light which supports short-lived weakness, although medium-term structure is still favorable.

According to exchange data, the foreign institutional financiers were net sellers in the capital market on October 21, as they offloaded shares worth Rs 2,818.90 crore.

Brent crude futures, the international oil standard, advanced 0.43 percent to $ 84.97 per barrel.




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