Rupee vs. dollar: The rupee slipped from the day’s high level and edged up three points against the US dollar on Tuesday, February 23, to settle at 72.46 (tentative), following national actions in muted and the US currency stronger against its main rivals. In the interbank forex market, the domestic unit opened at 72.36 against the dollar and recorded an intraday high of 72.31. He witnessed a low of 72.46. At the start of the trading session, the local unit gained 16 paise to 72.33 against the greenback. It closed at 72.46 to the dollar, posting a three-pea increase from its previous close. On Monday February 22, the rupee stood at 72.49 against the dollar.
Meanwhile, the dollar index, which rates the strength of the greenback against a basket of six currencies, gained 0.16% to 90.15. Rupee dollar selling continues as entries dominate. Yesterday the entries came from the corporate ECB and a bond issue. RBI made sure 72.30 was not violated but is unsure for how long. If the flows continue, the next support is 71.80 and after that 70.00. As the dollar continues to decline despite rising US and Indian yields, we should continue the strategy of selling the upside on the INR USD and for importers to hold positions with a stop at 72.65 ”, said Anil Kumar Bhansali, Director of Treasury, Finrex Treasury Advisors.
On the domestic stock market front, the BSE Sensex finished 7.09 points or 0.01 percent higher at 49,751.41, while the wider NSE Nifty rose 32.10 points or 0.22 percent higher at 49,751.41 cent at 14,707.80. Benchmark stock indices closed the day’s high point on February 23, but managed to break a five-day losing streak. The clever did an intra-day top at 10:40 a.m., then slipped and went to the side. At the close, the Nifty 50 Index finished 32 points higher at 14,707, ” said Deepak Jasani, head of retail research at HDFC Securities.
“Nifty broke the five-day losing streak but the recovery or rebound was weak. This raises doubts about the sustainability of this rebound. However, a positive lead-to-decline ratio raises hope for larger markets, ” he added.
Foreign institutional investors were net sellers in the capital market as they unloaded shares worth Rs 893.25 crore on February 22, according to the exchange data. Futures on Brent crude, the world’s benchmark for oil, rose 0.90 percent to $ 65.83 a barrel.