Fri. Oct 30th, 2020

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Rupee rebounds after hitting a one-month low against US dollar

1 min read
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The rupee strengthened by as much as 24 paise to 73.66 against the US dollar, tracking gains in domestic equities. At the interbank forex market, the domestic unit opened at 73.76 against the US dollar, then gained further ground and touched 73.66 at day’s high. On Thursday, the rupee dived 32 paise to touch a near one-month low of 73.90 against the US dollar.

The dollar index, which measures the dollar against a basket of six major peers, was flat around 94.350.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth ₹1,885.69 crore on Thursday, according to provisional exchange data.

There was some improvement in global risk sentiment today investors awaited news about the progress on US stimulus package.

The rupee came under pressure and weakened in line with broad USD strength this week. USD/INR finally managed to break out of the 73.15-73.65 range which had been holding well for past few sessions. Today’s weekly close will be crucial. If USD/INR manages to mean revert and close below 73.65, we could see range bound activity for a few more sessions. If we close above 73.65, Rupee could continue to remain under pressure. 74.30 is likely to act as a resistance.

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