INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 73.86 against the dollarSnapping its eight-session losing streak, the rupee rose 22 paise
against the US dollar on Friday, June 18, to settle at 73.86, catching cues from the stronger Asian currencies and reduced crude oil prices
At the interbank foreign exchange market, the local unit opened lower at 74.10 against the dollar
It touched an intra day low of 74.27 tracking a weak trend in domestic equities, before closing at 73.86 per dollar
In an early trade session, the local unit declined six paise to 74.14 against the greenback.The domestic unit lost 128 paise in the last
eight trading sessions till Thursday
On Thursday, June 17, the domestic currency plunged by as much as 76 paise to settle at 74.08 against the dollar, after the outcome of the
US Federal Reserve policy
Yesterday, it recorded its single-biggest fall in over two months
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 91.93, up 0.05 per
cent. ''Finally, the rupee has managed to break 73.80 crucial resistance yesterday
With markets remaining too volatile, it gave a “WIN-WIN situation” for both importers and exporters
Importers were lucky to get an appreciating move till 72.40 and now are sitting risk-free,'' said Mr Amit Pabari, MD, CR Forex.''While
exporters who were advised to cover partially in the range of 73.30-73.40 and wait for a further upside momentum could now encash gains from
the higher USDINR spot rate and sell in tranches above 74.00-74.40 levels for the near term,'' added Mr Pabari.“The USDINR spot is at an
inflection point, though optimism over Fed rate hikes is keeping the USDINR afloat, the price activity suggest that revaluation of
positioning is currently taking place
Today's weekly closing will be important for more clear direction for USDINR in coming days
Sustenance above 74.25 will open doors for 74.50-74.65,'' said Mr
Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services. On the domestic equity market front, the BSE Sensex ended 21.12
points or 0.04 per cent higher at 52,344.45, while the broader NSE Nifty fell 8.05 points or 0.05 per cent to 15,683.35.“Indian markets
were slightly lower this week as markets participants remained cautious after FOMC indicated that they may start increasing rates from CY23
The Nifty 50 was at 15,608 on June 18 falling by 1.2 per cent during the week, while the Sensex was at 52,043 falling 0.82 per cent during
the week,'' said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.''Going forward, markets would
keep an eye on US economic recovery and signals from the Fed, global commodity prices, new Covid cases - pace of vaccination process in
India, unlock measures by various states, GST collections, monsoon development Pan India and consistency of reforms from the government,''
he added.According to exchange data, the foreign institutional investors were net sellers in the capital market on June 17 as they offloaded
shares worth Rs 879.73 crore
Brent crude futures, the global oil benchmark, fell 0.64 per cent to $ 72.61 per barrel.
