Rupee Slides Lower To 74.57 Against Dollar As Investors Await New Triggers

Rupee Vs Dollar Today: The rupee settled at 74.57 against the dollar

The rupee pared some of its initial gains and further slipped three paise against the US dollar on Friday, July 16, to settle at 74.57 (provisional) as investors awaited new triggers. At the interbank forex market, the domestic unit opened at 74.53 against the dollar and registered an intra-day high of 74.51. It witnessed a low of 74.66 during the session. In an early trade session, the local unit inched higher by two paise to 74.52 against the greenback.

Mr Amit Pabari, MD, CR Forex:

”A fall in figures of unemployment claims to a 16-month low of 360,000 and US business activity growing at a record high lifted the US Dollar despite a fall in the 10-year bond yield.

Going ahead, traders are looking to U.S. retail sales data and consumer confidence for the strength of the economic recovery and further clues on dollar movement.

Despite dollar remaining on back foot and inflows on account of various IPO’s and QIP’s, rupee could not manage to break the 74.40 crucial support level yesterday. If the BIG-bull continues to play its part to curb volatility downside, any dips in the USDINR pair would be taken for buying by importers, and while for exporters, it would remain sideways to sell. 

If inflows get standstill, a depreciation pressure resides on rupee and can take it towards 75.20-75.50 levels in the upcoming time.”