Markets News

Indian Rupee bounced back, trading marginally higher than dollar

Finally, the Indian rupee is trading above the US dollar but at a marginal rate. Little profit booking took place in the domestic equity market.

It has opened at a flat rate of Rs 72.49 per US dollar which was previously closed at Rs 72.96

The pair has resumed to hover around USD 73 even after the budget announcement. The Sensex also fell down by 150.31 points or was down by 0.30 percent at 50,105.44 levels.

Also, the Nifty too dropped down to 20.80 points to settle at 14,760.20 level dropping by almost 0.14%.

A little focus on dollar index gives us the analysis that the index has traded near its strongest. It has traded near its highest close continuously for more than two months against Euro and Yen.

On the other hand, coming to the Indian market the currency can encounter with a possible pullback.

Moreover, coming towards the core reason, it can be majorly due to the Put writing in 73 strike.

As we have seen the dollar performance since the last two months, it is winning continuously against other major currencies.

The more weakness in Euro can indirectly cause weakness in the INR. As, dollar gets elevated due to the fragility in the Euro.

Also, the dollar-rupee February contract was at Rs 73.13 on the NSE in its last session. On the other hand, the open interest rate also fell down by 4.0% for the February series.

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