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Rupee Vs Dollar Today: The rupee settled at 74.22 against the dollar
The rupee edged higher by two paise against the US dollar on Thursday, August 26, to settle at 74.22 tracking a muted trend in domestic equities. At the interbank foreign exchange market, the domestic unit opened at 74.22 against the dollar and swung between 74.11 to 74.27 during the trading session. In an early trade session, the local unit inched three paise higher to 74.21 against the greenback. The rupee settled at 74.22 against the dollar, registering a rise of two paise over its previous close.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.05 per cent to 92.87. According to forex traders, the rupee is trading in a narrow range as investors are awaiting cues from the upcoming key speech from US Federal Reserve Chair Jerome Powell on Friday. A stronger dollar in the international markets and rising crude oil rates also weighed on the investor sentiment.
What analysts say:
Mr Amit Pabari, MD, CR Forex:
”Overall, the sentiment for the USDINR pair remains mixed until any major triggers help it to break the narrow range of 74-74.50. The chances of odds are dominating for higher side breakout as RBI remained intolerant for the appreciating side. Further, importers could also rush to cover their short-term dollars payable ahead of big events and recovery in the crude oil prices.
On the contrary side, the Bank of India’s QIP worth Rs. 3000 crore could attract dollar flows and could restrict the gains in the pair. At last, the tussle is likely to continue between IPO/QIP flows and RBI/importers. Overall, the short-term range is likely to be from 74 to 74.40 and the medium-term to be 74-75.50 with an upside bias.”
On the domestic equity market front, the BSE Sensex ended 4.89 points or 0.01 per cent higher at 55,949.10, while the broader NSE Nifty climbed 2.25 points or 0.01 per cent to 16,636.90. The equity benchmarks ended on a flat note for a second straight session today as gains in Reliance Industries, ICICI Bank, Axis Bank, Hindustan Unilever and HCL Technologies were offset with losses in stocks such as Infosys, Bharti Airtel, State Bank of India, Maruti Suzuki.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:
”The market witnessed a lackluster activity on account of F&O expiry, although the August series witnessed robust activity with a momentum of over 950 points. On technical charts, Nifty has formed a double top formation. The narrow range activity near the 16700 resistance level indicates indecisiveness between the bulls and bears.
For the traders, 16680 could be the immediate hurdle. However, we can expect a quick uptrend rally up to 16725-16775 levels if the index succeeds to clear the intraday resistance of 16680. Below the same, the correction wave could continue up to 16560-16520 levels.”
According to exchange data, the foreign institutional investors were net sellers in the capital market on August 25 as they offloaded shares worth Rs 1,071.83 crore. Brent crude futures, the global oil benchmark, fell 0.60 per cent to $ 71.82 per barrel.
