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Rupee Gains 19 Paise To Settle At 74.25 Against Dollar Amid Heavy Buying In Domestic Equities

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Rupee Vs Dollar Today: The rupee settled at 74.25 against the dollarAfter extending losses in the past couple of sessions, the rupee enhanced by 19 paise against the US dollar on Thursday, August 12, to settle at 74.25 (provisional) as heavy buying in domestic equities and weakness in the American currency enhanced investor's sentiments.

At the interbank forex market, the domestic unit opened at 74.26 against the dollar and registered an intra-day high of 74.24.

It experienced a low of 74.33 throughout the session.

In an early trade session, the domestic unit acquired 17 paise to 74.27 versus the greenback.

The rupee closed at 74.25 against the American currency, signing up an increase of 19 paise compared to its previous close.

On Wednesday, August 11, the regional unit settled at 74.44 versus the dollar.

According to forex traders, fresh foreign capital inflows likewise supported the rupee.

Meanwhile, the dollar index, which determines the greenback's strength against a basket of six currencies, decreased 0.04 per cent to 92.87.

What experts say: Mr Amit Pabari, MD, CR Forex: Moving on, the USDINR pair is likely to additional capture down its momentum in a series of 74.10-74.90 with an instant resistance of 74.50.

The RBI and importers both got another chance to cover the dollar at lower levels.However, this could be a chance for exporters too as they could preutilize their forwards.

In general, we are expecting that USDINR should trade even more in a sideways range prior to offering a breakout.

Kshitij Purohit, Lead International - & Commodities at CapitalVia Global Research Limited: The Reserve Bank of India continues to interfere in currency markets in order to keep the rupee from rising excessive.

Despite the truth that India's economic data has actually improved, the RBI has a clear preference for a stronger USD/INR.

Rates didn't close below 74.53-74.51 throughout the day and stayed consolidating in the series of 74.53-74.61 throughout the day.

We can also see a Bearish RSI Divergence on intraday charts where costs are making highs of comparable level and RSI is making lower highs, suggesting towards the absence of strength amongst buyers.

Anindya Banerjee, DVP, Currency Derivatives - & Rates Of Interest Derivatives at Kotak Securities: USDINR spot closed 18 paise lower at 74.25 after US inflation CPI inflation came in softer than the previous month.

Moderate weak point in the United States Dollar Index caused USDINR to fall towards 74.25 levels on spot.RBI remains a significant buyer of United States Dollars and as an outcome, USDINR may continue to witness a really slow and choppy sag with 74.00 as strong assistance and 74.50/ 60 as major resistance.

Low volatility can offer profitable shorting chances to alternative short-sellers.

Domestic Equity Markets Today: On the domestic equity market front, the BSE Sensex rallied 318.05 points to end at a fresh life time high of 54,843.98, while the broader NSE Nifty climbed 82.15 to tape-record 16,364.40.

The benchmark indices touched record highs today led by gains in stocks such as ICICI Bank, Tech Mahindra, and Larsen - & Toubro.Shrikant Chouhan, Executive Vice President, Equity Technical Research Study at Kotak Securities: Markets were on a strong footing throughout the session despite weak Asian market hints.

After a company opening, benchmark Nifty quickly cleared the intraday resistance of 16300.

The wider market activity ratio also enhanced, as almost 1450 stocks traded in the green whereas over 300 stocks experienced offering pressure.Technically, on everyday charts, the index has actually formed a range breakout formation which suggests an extension of an uptrend wave in the near future.

We are of the view that 16280/16220 would be a crucial support level for trend-following traders.

According to exchange information, the foreign institutional financiers became net buyers in the capital market on August 11 as they purchased shares worth Rs 238.14 crore.

Brent crude futures, the worldwide oil benchmark, rose 0.56 percent to $ 71.84 per barrel.




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