Rupee Vs Dollar Today: The rupee settled at 75.26 against the dollarRising for the second straight day, the rupee got 11 paise versus the United States dollar on Thursday, October 14, to settle at 75.26 (provisional) amid heavy buying in domestic equities and weakness in the American currency - both of which enhanced financier sentiment.At the interbank foreign exchange market, the domestic unit opened at 75.27 versus the dollar, and relocated a variety of 75.20 to 75.37 during the trading session.
In an early trade session, the domestic system got 12 paise to 75.25 against the greenback.The domestic currency settled at 75.26 versus the American currency, registering a rise of 11 paise against its previous close.
On Wednesday, October 13, the local system settled at 75.37 versus the dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, decreased 0.28 percent to 93.81.
According to forex traders, fresh foreign capital inflows also helped the domestic unit post gains for a second straight day.
Nevertheless, rising unrefined rates in the global market limited the rupee's gain, according to traders.What experts say: ...
the USDINR pair should remedy down towards 74.80 and 74.50, which has an 80 per cent likelihood.
The key gamer for rupee management- The RBI , has up until now done a remarkable task by not stepping in too aggressively in selling dollars and let it be driven by market forces, said Mr Amit Pabari, MD, CR Forex.
Thinking about the huge chunk of inflows paring the way, it will be watchful whether it also remains active drawback.
Overall, the medium-term pattern for the USDINR set stays bullish.
For a healthy and steady-up relocation, correction is required, included Mr Pabari.
Currency Desk, Emkay Global Financial Solutions: There is a pullback witnessed in DXY, especially after the Fed minutes hinted that the main bankers could start tapering, however for USDINR the risk of surging petroleum costs is still there.
As long as the USDINR area is trading above 75, view is positive.Next week is quite light on financial data front but focus will be on any IPO related statement which can weigh on USDINR area.
Next week's variety might be 74.8-- 75.70 with sideways bias.
Anindya Banerjee, DVP, Currency Derivatives - & Rates Of Interest Derivatives at Kotak Securities Limited: USDINR spot closed 11 paise lower at 75.25 on the back of rise in stocks and weakness in the United States Dollar Index, after genuine yields fell in United States.
Over the next week, USDINR may continue to see more range bound price action in between 75.00 and 75.80 levels in October futures.For USDINR to break down listed below 75.00 or obstacle 76.00, it needs either the US Dollar Index to head lower or equity markets to head lower.
Domestic Equity Markets Today: On the domestic equity market front, the BSE Sensex ended 568.90 points or 0.94 per cent greater at 61,305.95, while the wider NSE Nifty surged 176.80 points or 0.97 percent to 18,338.55.
Shrikant Chouhan, Head - Equity Research (Retail), Kotak Securities: The Q2FY22 result season has started with big cap IT business reporting healthy numbers.
rupee's depreciation has actually likewise played its part in keeping the IT stocks in the green.
Amidst all these occasions, markets continues to rally with both BSE Sensex and Nifty gaining over 2.5 percent each throughout a reduced week.Small - & Midcap indices surpassed throughout the week.
BSE Midcap Index got 3.6 per cent, while BSE Smallcap Index got 2.8 percent.
According to exchange information, the foreign institutional financiers became net buyers in the capital market on October 13, as they acquired shares worth Rs 937.31 crore.
Brent unrefined futures, the international oil standard, increased 1.30 percent to $ 84.26 per barrel.