Rupee gains 10 points to settle higher at 73.15 against the dollar

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Rupee vs. dollar: local unit stood at 73.15 vs. US dollar

Rupee vs. dollar today: The rupee gained for the second day in a row and rose 10 paise against the US dollar on Wednesday, January 13, to stand at 73.15 (tentative) supported by relentless inflows and a weak US currency. In the interbank forex market, the domestic unit opened at 73.16 and recorded an intraday high of 73.10. He witnessed a low of 73.23. In an early trading session, the local unit rose 12 paise to 73.13 against the dollar. The rupee eventually stabilized at 73.15, an increase of 10 points during its last close. On Tuesday, January 12, the rupee closed at 73.25 against the US currency.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.07 percent to 90.15. “Right now, feelings of risk are stuck in the race for covid cases and vaccine rollouts. In the end, the vaccine will win, but until then the fear of lockdown is overhead. Locally, there are a lot of IPOs planned this year, so the general decline in the USDINR spot will continue, ” said Mr. Rahul Gupta, head of currency research at Emkay Global Financial Services.

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Recently the RBI intervention is seen around the 73 area so the USDINR spot will be in the 72.90-73 area with 73.50 being the immediate resistance. A breakout of 72.90-73 will push prices towards 72.75, ” he added. According to Saif Mukadam, research analyst, Sharekhan by BNP Paribas, the rupee traded with a positive bias on the weak dollar and stable FII inflows.

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However, the big gains have been capped by soaring crude oil prices and concerns over rising coronavirus cases across the world and tightening COVID-19 restrictions to stem the outbreak. The rupee could trade between 72.85 and 73.60 over the next two sessions, ”Saif Mukadam said.

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On the domestic stock market front, the BSE Sensex finished 24.79 points or 0.05% lower at 49,492.32, while the broader NSE Nifty rose 1.40 points or 0.01% at 14,564.85. “The benchmarks had a volatile trading session near their resistance level of 14650/49700. Today the Nifty / Sensex opened on a strong note, but due to lukewarm global signals and constant selling pressure at higher levels corrected over 200/700 points from the high. of the day. However, in the late afternoon it cut some losses and eventually closed around 14550/49500, ” said Shrikant Chouhan, executive vice president, technical equity research at Kotak Securities.

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Domestically, once again the PSU Bank Index outperformed, rebounding more than 3% as earnings reservations were seen in selective pharmaceutical stocks. We are of the opinion that the bulls are still in full control, but the daily chart shows a temporary break near 14650/49700, therefore traders may prefer caution near the resistance level, ” he said. added.

According to provisional currency data, foreign institutional investors were net buyers in the capital market as they bought shares worth Rs 571.47 crore on a net basis on January 12. Futures on Brent crude, the world’s benchmark for oil, rose 0.18 percent to 56.68 barrels.

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