Rupee Slips 18 Paise Against Dollar; Settles At 74.36

Rupee settled at 74.36 against the greenback, declining by18 paise over its last close

The rupee slipped 18 paise to close at 74.36 against the US dollar on Wednesday (November 11), tracking the strengthening of US currency in the overseas market and greater crude prices. However, according to Forex traders, a strong rally in the domestic equities and unabated foreign fund inflows restricted the slide of the domestic unit. At the interbank foreign exchange market, the local currency opened on a weak note at 74.24 and swung between the day’s high of 74.18 and a low of 74.50 to the US dollar. The rupee settled at 74.36 against the greenback, declining by 18 paise over its last close. In the previous session, rupee had settled at 74.18 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.15 per cent to 92.87. Meanwhile, Brent crude futures, the global oil benchmark, rose sharply by 3.26 per cent to $45.03 per barrel. BSE Sensex settled 316.02 points or 0.73 per cent higher at 43,593.67 after reaching its all-time peak of 43,708.47 during the session. Similarly, NSE Nifty achieved a fresh intra-day high of 12,769.75 and finished 118.05 points or 0.93 per cent up at its closing record of 12,749.15.

The foreign institutional investors remained to be the net buyers in the capital market as they purchased shares worth Rs 5,627.32 crore on Tuesday (November 10), according to provisional exchange data. “Indian rupee depreciated amid strong dollar and surge in crude oil prices. Further, rupee slipped on worries over a slowdown in global economic recovery due to resurgence in COVID-19 cases. The market remained cautious ahead of key macro-economic data like CPI and IIP. Rupee may trade in a range of 73.80 to 74.80 in next couple of sessions,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

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He added that India CPI data is likely to show that Inflation remained above the Reserve Bank of India medium-term target range of 2-6 per cent. India”s Industrial Production data forecasted to show factory output contracted for 7 consecutive months.

“In the last three days, the market bouncing back, following a pattern of 100 per cent recovery from intraday low levels. Today, too, Nifty 50 index recovered from its low. After falling to 11570 levels, the Nifty 50 index surged to the highest level of the day around 12770 levels. The market was more stock-specific rather than sector-specific, said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. He added that such type of formation appears at the final stage of the euphoric up-move. Tomorrow could be the most crucial day for the market. Above the level of 12800, the Nifty could move to 12950. On the other side, 12670 and 12570 would be supports for the market.

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