INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 72.83 against the dollarThe rupee appreciated by 29 paise on Friday, May 21, to settle at 72.83
(provisional), amid positive domestic equities and a weaker American currency in the global market
In an early trade session, the local unit gained 15 paise to 72.97 against the greenback
at 73.12 against the greenback
The domestic currency edged lower by 13 paise to settle at 73.18 against the dollar on Wednesday, May 19
gauges the greenback's strength against a basket of six currencies, slipped 0.10 per cent to 89.71."Overall the sentiments are quite
risk-on amid economic revival and reopening of the Western countries
Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.''While, dollar index has continued the downtrend, despite Fed
minutes spooked the market on the prospect of Fed tapering and there are less signs of DXY bouncing atleast in the short term
So fx traders will monitor the Covid situation and trend in dollar, and keep the spot within 72.50-73.50 with a negative bias,'' added Mr
Gupta.''USDINR was bot in the last two days as $ index rose a bit and RBI was protecting 72.95 level
However as the $ index fell rupee rose to 73.00 level and is set to open there
Inflows have ensured that rupee does not weaken beyond a certain level...Exporters may also sell for the medium term so that they are hedged
Anil Kumar Bhansali, Head of Treasury - Finrex Treasury Advisors.''The USD/INR pair started the day at 73.24, nearly unchanged from the
FPI equity outflows totaled more than USD 2.7 billion in April and May (till date), and the currency pair's downtrend was halted at 72.9
levels on Wednesday as dollar buying interest emerged at a lower level, and the market was reluctant to take the pair any lower on fears of
accounting for the virus's spread in Taiwan, Singapore, and Japan, the Asian currencies' power against the dollar, including the rupee, is
in doubt,'' added Mr Purohit.On the domestic equity market front, the BSE Sensex ended 975.62 points or 1.97 per cent higher at 50,540.48,
the improvement in the Covid-19 situation in India
Globally, India was the fastest country to administer 17 crore vaccine doses in just 114 days
Amongst sectors the Nifty Bank, Nifty PSU Bank and Nifty Realty gave 7%-8% return during the week supported by strong quarterly results and
Research at Kotak Securities.''Since the Nifty-50 has decisively broken the 15,000 mark on both daily and weekly closing it can potentially
inch up to 15,500 quite fast
The falling Covid cases and good earnings season could be the main reason for further up move
We need to see whether FPI flows turn net positive for this up move to play out,'' he added.According to exchange data, the foreign
Brent crude futures, the global oil benchmark, rose 0.95 per cent to $ 65.73 per barrel.
