Opening higher at Rs 73.11 per dollar, the Indian rupee wins against the previous close. It showed an increase by 6 paisa against the rate of 73.17.
This Put base has remained as an important support in the recent period. The dollar-rupee contract was previously at Rs 73.30 in initial January session.
The Sensex touched up at 282.94 points adding 0.57% at 49,681.23 at 12:00 IST.
The Reserve Bank of India is also accumulating reserves ensuring no further decline below the current rate of 73.00. The more it approaches at the level of 73.30, more the USDINR is getting sold off.
As Janet Yellen is advocating for stimulus, it is weaking the dollar value. Selling is near 73.30 with imports happening near around 73.00
Nifty also ascended up with 91.10 points or was at 0.63% at 14,612.30.
The incoming US administration can go ahead with mammoth stimulus spending. This can result in shortage of crude stocks boosting the fuel demand even more.
Solid gains were occurred within overnight with the oil prices soaring up in early morning on January 20.
However, a marginal decline was observed in the early January session in the open interest. Though it is set to increase even more by 8% in February 2021.
Earlier the dollar-rupee game was at 73.20 on the NSE index for the last session. A move below the level of 73 can bring a high regard in terms of Indian rupee.
Large equity buying was seen in the domestic market. If it continues the same, even more can add up to the revenue in the Indian market.
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