Rupee Gains For 2nd Straight Day, Settles Higher To 74.18 Against Dollar



Rupee Gains For 2nd Straight Day, Settles Higher To 74.18 Against Dollar

Rupee Vs Dollar Today: The rupee settled at 74.18 against the dollar

Registeing gains for the second straight session, the rupee rose nine paise higher against the US dollar on Thursday, June 24, to settle at 74.18 (provisional), driven by a rally in domestic equities and a weaker American currency. At the interbank forex market, the local unit opened at 74.20 against the dollar and registered an intra-day high of 74.16. It witnessed a low of 74.25. The domestic currency settled at 74.18, higher by nine paise over its last close. On Wednesday, June 23, the local unit settled at 74.27 against the greenback.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.08 per cent to 91.72. 

”Globally, the US dollar index remains little changed at 91.83 levels as mixed signals from Fed officials for tapering have kept the dollar in pressure and halted their bullish rally. At present, the DXY index is hovering between the 91.70 and 92.20 mark. There is a strong resistance at 92.20 levels, which if broken we might see it going towards the 93-94 region soon,” said Mr Amit Pabari, MD, CR Forex.

”Domestically, the recent surge in oil prices and continued market volatility over Fed comments have caused some dent in the rupee’s strong performance at the start of the year….FII flows and RBI’s activeness shall drive the rupee movement ahead. Broadly, the USDINR pair is having strong resistance between 74.40 to 74.50 levels, which if the pair breaks, we may see the pair moving towards 75.00 to 75.20 levels in coming days,” added Mr Pabari.

On the domestic equity market front, the BSE Sensex ended 392.92 points or 0.75 per cent higher at 52,699.00, while the broader NSE Nifty climbed 103.50 points or 0.66 per cent to 15,790.45.

“On the day of the monthly expiry of F&O contracts, the market closed just below the crucial resistance of 15800/52800.  However, the broader market remained strong and the Nifty/Sensex has formed a bullish continuation formation.  Based on it we would see the levels of 16050/16150 (53750) levels in the near term and the level of 15670/52300 would act as final stop loss for long positions,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

”The index giant Reliance industries closed at the lowest point of the day, while other heavyweights like Infosys and TCS closed at the highest point of the day. The Bank Nifty also managed to close above the levels of 34800, which is positive for the broader market,” he added.

According to exchange data, the foreign institutional investors were net buyers in the capital market on June 23 as they purchased shares worth ₹3,156.53 crore. Brent crude futures, the global oil benchmark, rose 0.23 to $75.36 per barrel.

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