INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 73.42 against the dollarThe rupee depreciated by eight paise against the US dollar on Wednesday,
May 12, to settle at 73.42 (provisional) tracking a surge in crude oil prices and risk aversion in the global markets
In an early trade session, the local unit slipped 17 paise to 73.51 against the greenback
''The USD/INR exchange rate opened the day at 73.60 up by 0.07 paisa against USD from the previous day's close
Due to correction in the global equity market and economic realities in the current situation price may remain firm in today's
- Commodities at CapitalVia Global Research Limited."After a blowout of US NFP data, the test case on US inflation has come back again and
the anxiety is jolting the global risk appetite
Traders are gravitating around the dollar as the market expects US CPI to rise by 3.6 per cent in April, largest increase in almost a decade
If the inflation figure comes in line with market expectations then bets for a monetary tightening sooner than expected will push the USDINR
spot prices even higher,'' said Mr
Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.''But if it falls short of the forecast, then dollar will continue
to remain subdued with a downside pressure on USDINR spot
The new trading range in spot has shifted to 73-74, and this may continue until the market gets new catalyst to react to,'' added Mr
Gupta.On the domestic equity market front, the BSE Sensex ended 471.01 points or 0.96 per cent lower at 48,690.80, while the broader NSE
Nifty slipped by 154.25 points or 1.04 per cent to 14,696.50.''In the past whenever the market has opened lower on the day of the weekly
expiration of contracts, the Nifty/Sensex closed in the negative territory with hefty losses
was heavy unwinding in long positions of Metal stocks ahead of the bank holiday, while the Auto, Pharmaceutical and Mid-Cap stocks found
momentum uptrend with support zone seen at 14400-14500; on the higher side 15000-15100 is expected
Breach of 14400 is expected to result in increased volatility
We expect positive bias to continue with action seen in the AUTO, Realty and select midcap stock; Metals are expected to witness high
