INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 74.96 against the dollarThe rupee snapped its two-session losing streak and rose 12 paise
against the US dollar on Tuesday, October 26, to settle at 74.96, tracking positive domestic equities and easing crude oil prices
At the interbank foreign exchange market, the local unit opened at 75.05 against the dollar and registered an intra-day high of 74.95
It witnessed a low of 75.17
In an early trade session, the domestic unit inched five paise higher to 75.03 against the greenback
On Monday, October 25, the local unit declined by 18 paise to close at 75.08 against the American currency.The dollar index, which gauges
the greenback's strength against a basket of six currencies, declined 0.01 per cent to 93.80
According to analysts, a weaker greenback against major global rivals and easing US Treasury yields also supported the local unit.What
analysts say:Mr Amit Pabari, MD, CR Forex: ''The soaring energy prices are set to hit the economy's wallets in the months ahead
And for a net importing state like India, it remains a major cause for concern as it threatens to derail India's post-pandemic economic
If so, the momentum of the rupee will also largely depend on RBI's tolerance to let the rupee appreciate and how aggressive is the central
bank in absorbing inflows
Interest Rate Derivatives at Kotak Securities Limited:''USDINR closed lower at 74.96 on spot, down 12 paise
FPI flows in upcoming IPO and corporate inflows kept USD pressured
However, the pair continues to see low volatility as global cues remain mixed
The negative impact of higher oil prices being offset by positive risk sentiments and attractive carry in rupee.Over the past few weeks, the
forward premium has hardened on decent-paying interest and suspected intervention from RBI
Higher forward premium encourages carry trade, which is a positive factor for the rupee
383.21 points or 0.63 per cent higher at 61,350.26, while the broader NSE Nifty climbed 143 points or 0.79 per cent to close at
benchmark Nifty soon found support near 18100 and reversed sharply thereafter
The index has formed a promising reversal formation near the 20 day SMA which is broadly positive.In addition, on intraday charts, it has
formed a higher bottom formation that also supports further uptrend
We are of the view that as long as the Nifty is trading above 18200, the pullback rally is likely to continue up to 18375 and on the further
upside, the index may rise up to 18450.''According to exchange data, the foreign institutional investors were net sellers in the capital
market on October 25 as they offloaded shares worth Rs 2,459.10 crore
