Rupee Vs Dollar Today: The rupee settled at 74.92 against the dollarThe rupee gained 11 paise against the US dollar on Thursday, October 28, to settleat 74.92 (provisional) despite massive sell-offs in the domestic equity market as the easing of global crude oil prices lent some support to the domestic currency.At the interbank foreign exchangemarket, the localunit opened at 74.92 against the dollarand registeredan intra-day high of 74.76.
It witnesseda low of 74.94.
In an early trade session, the local unit rose 12 paise to 74.91 against the greenback.On Wednesday, the local unit declined to 75.03 against the American currency.
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.10 per cent to 93.89.Mr Amit Pabari, MD, CR Forex:''Domestically, weakening oil prices are offering some relief to India which imports over 80 per centof its crude oil.
West Texas Intermediate has fallen 1.9 per centwhile Brent slipped by 2.12 per centafter industry data revealed that crude stockpiles unexpectedly rose last week providing some support to the rupee.That apart, the huge flurry of inflows on account of IPO's by Nyka, Policybazaar, Fino payments are likely to hit markets keeping the positive sentiments intact.Broadly, the rupee is expected to trade within a narrow range of 74.50-75.20 levels for the near term, until fresh market triggers make or break the range on either side.''On the domestic equity market front, the BSE Sensex declined1,158.63 points or 1.89 per cent to end at 59,984.70, while the broader NSE Nifty tumbled 353.70 points or 1.94 per cent to 17,857.25.Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:''Markets ended as the worst performer in the Asian pack as selling intensified on the expiry day.
After a weak opening, benchmark Nifty swiftly broke the important 18100 support level and retreated sharply thereafter.After a long time, the Nifty closed below 20 day SMA which is broadly negative for the market.
For day traders, the short-term trend is weak as the market is in a temporary oversold situation but a quick pullback rally cannot be ruled out.''According to exchange data, the foreign institutional investors were net sellers in the capital market on October 27 as they offloaded shares worth Rs 1,913.36 crore.Brent crude futures, the global oil benchmark, fell 1.28 per cent to $83.50 per barrel.