Mumbai: Rupee took a scratch of a nine-day victory to complete only one Paisa lower at 74.71 against the US dollar on Wednesday, when reducing domestic equity and strong greenback abroad on market sentiment.
In the interbank foreign exchange, Rupee began on a warm note at 74.69 against the dollar.
During the day, he witnessed 74.68 and low 74.86.
The domestic unit finally ended at 74.71, the decline was only one Paica during the last match.
In the previous session, Rupee registered the ninth straight gain and surged 30 Paise to close at a one-month high of 74.70 against the greenback.
Rupees are expected to trade in close range this week in the middle of the year-end holiday, forex traders said.
“Rupees are traded in a narrow range, but low volatility because market participants remain on the sidelines after the new year’s vacation.” On the domestic front, the fiscal balance number will be the only important data to watch, and a higher deficit can limit profits.
For currencies, “Gage Lurang Somaiiyaa, Forex & Bullion Analyst, Oswal Motilal’s Financial Services.
The dollar rose behind the purchase of safe-haven following a Covid case increase and in the hope that the Federal Reserve could raise interest rates as early as March.” Today, from the US, The trade balance number will be released and it can trigger volatility for the dollar.
We expect USD / INR (spot) to trade in the range of 74.50 and 75.20, “Somaiiyaa added.
In front of the domestic equity market, BSE Sensex ended 90.99 points or 0.16 percent lower at 57,806.49, while NIFTY NSE which widespread decreased 19.65 points or 0.11 percent to 17.213.60.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, up 0.18 percent to 96.37.
Bent crude oil, benchmark Global oil, up 0.11 percent to $ 79.03 per penny.
Barrel.
“The rupee traded was blownached around 74.75 in line with the dollar index that drifted around 96.40.
The holiday atmosphere makes the market muted and in a strict small volatile range, “said Jaten Trivedi, senior research analyst at LKP Securities.
Trivedi further said that” traders waited for the first week of January 2022 with the results of OPEC +, market triggers.
The range for rupees can be seen between 74.50-74.95 “.
Foreign institutional investors changed clean buyers in the capital market on Tuesday, because they bought shares worth Rs 207.31 Crore, in accordance with the data on global stock exchange,” Risk-On Dynamics / The soft-on / risk-off risk-off will keep the movement of span-bound in place and we can expect it to trade in 74.50-75.30 “.