INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 74.87 against the dollarThe rupee increased one paisa greater against the US dollar on Thursday,
October 21, to settle at 74.87 (provisionary) tracking a muted pattern in domestic equities
At the interbank foreign exchange market, the domestic unit opened at 74.86 against the dollar, and swung in the range of 74.69 to 74.89
during the trading session
In an early trade session, the local unit inched 3 paise higher to 74.85 versus the greenback
The rupee ended at 74.87, signing up an increase of one paisa over its previous close.The regional unit had actually surged by 47 paise to
settle at an almost two-week high of 74.88 versus the dollar
The dollar index, which assesses the greenback's strength against a basket of six currencies, advanced 0.09 per cent to 93.64
According to forex traders, foreign fund outflows, reinforcing of the greenback and firm crude rates in the worldwide market restricted the
appreciation bias in the domestic currency.What analysts state: Mr Amit Pabari
MD, CR Forex: On the domestic front, equities extended their profit-booking leg for the second successive day the other day as petroleum
costs stretched their run-up towards multi-year highs and a rise in the United States 10 year benchmark yield above 1.67 per cent - the
highest level because May 20 also weighed on the regional sentiment.It might even more get worse out in the near term as energy rates,
specifically, petroleum costs might show some fire as United States stocks at the nation's largest storage website struck their most
affordable level in three years and across the country fuel stocks fell greatly
This might weigh down on the rupee too.Furthermore, United States DXY might find support near 93.20-40 zone as Fed members are constantly
toning hawkish ahead of Fed's 2-3rd Nov fulfill, where they are expected to begin tapering program
That apart, the domestic circulation story could calm down the expectation of the aggressive bearish move in the rupee
Anindya Banerjee, DVP, Currency Derivatives - Rates Of Interest Derivatives at Kotak Securities Limited: USDINR spot closed flat near
74.86 levels, due to press and pull of a weak US Dollar Index and falling Indian stocks
With oil prices holding at higher levels, the speed of decrease in USDINR can slow
Predisposition continues to downward as long as the set holds listed below 75.10 levels on spot
With strength in emerging market currencies, rupee can appreciate towards 74.50/ 60 levels in the coming days
Domestic Equity Markets Today: On the domestic equity market front, the BSE Sensex ended 336.46 points or 0.55 percent lower at 60,923.50,
while the more comprehensive NSE Nifty fell 88.50 points or 0.48 per cent to 18,178.10
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Limited: Weak global hints activated selling pressure for the 3rd day
in a row, while for one more time bears took the aggressive stance near the 18350 resistance level
Technically, after a short-term cost correction, the Nifty took support near the 18050 level and reversed sharply.The index has formed a
bearish candle on daily charts however at the exact same time, it took support near the important retracement level of 18030
We are of the view that the intraday texture of the market is weak and is most likely to continue in the near future
18150 would be the immediate support level for the day traders
According to exchange data, the foreign institutional financiers were net sellers in the capital market on Wednesday as they unloaded
shares worth 1,843.09 crore
Brent unrefined futures, the global oil standard, fell 1.05 per cent to $84.92 per barrel
