INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 75.03 versus the dollarThe rupee decreased by 7 paise against the United States dollar on
Wednesday, October 27, to settle at 75.03 due to month-end dollar demand from the importers and tracking a muted trend in domestic equities
At the interbank forex market, the domestic currency opened at 75.02 and registered an intra day high of 74.90
It witnessed a low of 75.05 during the day trade
In an early trade session, the regional unit slipped 6 paise to 75.02 against the greenback
The regional system lastly settled at 75.03 a dollar, down seven paise, against its previous close of 74.96
The dollar index, which gauges the greenback's strength against a basket of 6 currencies, was trading 0.02 per cent up at 93.97
According to analysts, a stronger dollar in abroad markets and thought RBI intervention ahead of IPOs likewise weighed on the local currency
What experts say: Mr Amit Pabari, MD, CR Forex: The premiums for the end of Aug and Sep 2022 are presently estimating near 8th October
This recommends premiums have not tipped over the last 20 days
The factor behind the raised premium is RBI's liquidity tightening up fears
The central bank has likewise been treking the quantum of its variable rate reverse repo operations since August in phases, and by December
6 lac crores.Moreover, rising commodity costs have increased the expectation of future inflation which is also letting the forward curve to
From the United States front, the yield curve is flattening as traders are discounting Fed's early rate walking and thus rates of interest
differential is preferring the premiums
This could remember the bring traders to set up long positions and could assist Rupee to acquire versus USD over the short term
Anindya Banerjee, DVP, Currency Derivatives - & Rate Of Interest Derivatives at Kotak Securities: Another uninspired day in USDINR with main
market FPI flows being offset by thought RBI intervention and need for US Dollars from oil marketing business
As an outcome, the spot closed partially greater at 75.02, up 6 paise.Over the near term, IPO-related FPI circulations will stay heavy and
that in addition to carry trade may keep USDINR capped near 75.20/ 25 levels
But strong US Dollar Index and RBI intervention may avoid a sharp slide
A variety of 74.75 to 75.25 might unfold over the near term
Domestic Equity Markets Today: On the domestic equity market front, the BSE Sensex ended 206.93 points or 0.34 per cent lower at 61,143.33
while the broader NSE Nifty declined 57.45 points or 0.31 percent to 18,210.95
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities: After a strong pullback rally, profit-taking came to the fore in a
volatile market and benchmark Nifty took resistance near the 18350 level
Post the muted opening, the index made a number of attempts to clear the 18350 hurdle but due to absence of follow-through buying, the
marketplaces saw a technical selloff in late afternoon trades.Technically, the index has formed a small bearish candle near the 18350
resistance level however at the very same time, on intraday charts, it has preserved a higher bottom series development
Ahead of regular monthly F&O expiration, volatility might continue, hence level-based trading would be the perfect strategy for day traders
According to the exchange information, the foreign institutional investors were net sellers in the capital market on October 26 as they
offloaded shares worth Rs 2,368.66 crore
Oil costs eased in worldwide markets with the benchmark Brent crude declining by 1.08 percent to $ 85.47 per barrel
