INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 74.23 against the dollarThe rupee depreciated by four paise on Tuesday, June 29, to settle
at 74.23 (provisional) amid weaker domestic equities and a stronger American currency, which weighed on the foreign exchange market
At the interbank foreign exchange market, the domestic unit opened at 74.26 against the dollar and hovered in the range of 74.20 to 74.28
In an early trade session, the local unit weakened by seven paise to 74.26 against the greenback
It finally settled at 74.23 today against its previous close of 74.19.Meanwhile, the dollar index, which gauges the greenback's strength
against a basket of six currencies, rose 0.10 per cent to 91.97.''Given liquidity boosting measures will have a negative impact on the
fiscal figure and slippage is likely to remain a big concern
Hence, rather than a welcoming move, we are seeing a slightly depreciating move in the rupee....On the flow side, FII seems booking their
profit as indices retraced from an all-time-high in the recent days ahead of uncertainty on the COVID variant,'' said Mr Amit Pabari, MD, CR
Forex.''RBI's unexpected move in their forex book towards month-end could call the volatility back in the USDINR pair
Overall, additional fiscal plan, stronger dollar demand and variant concern could pressurize on the rupee in the near term
Broadly, we are expecting that it will be trading in the range of 73.50 to 74.50 in the near term before the above triggers take it towards
75.00-75.20 levels over the medium term,'' he added.On the domestic equity market front, the BSE Sensex ended 185.93 points or 0.35 per cent
lower at 52,549.66, while the broader NSE Nifty fell 66.25 points or 0.42 per cent to 15,748.45.“The market remained in a narrow range but
Weakness in the Asian markets, consistent selling pressure from FIIs since the last three days, and steadiness in the prices of Brent crude
at 75 could be the few reasons to keep the market within the trading range,'' said Shrikant Chouhan, Executive Vice President, Equity
Technical Research at Kotak Securities.''Today, we witnessed weakness in financials, metals, and auto companies, which is an indication of
The activity was more into FMCG and Pharmaceutical stocks. As the market is in the trading range, we need to be buyer between 15720/52450
and 15670/52300 levels,'' added Mr Chouhan.According to exchange data, the foreign institutional investors were net sellers in the capital
market on June 28 as they offloaded shares worth Rs 1,658.72 crore
Brent crude futures, the global oil benchmark, declined 0.24 per cent to $ 74.50 per barrel.
