Today, Indian rupee opened flat at 73.52 per US dollar against the last close of 73.54, with buying seen in the domestic equity market. The currency market was shut on Friday on account of Christmas. At 10:20 am, the Sensex was up 272 points or 0.58 percent at 47245, and the Nifty was up 89.70 points or 0.65% at 13838.95.
"Due to fresh weakness in the Dollar index, the rupee began strengthening once again. We expect the pair to move below 73.50 in the coming sessions as the dollar is likely to remain weak and move below 90 levels," said ICICI direct
"The dollar-rupee December contract on the National Stock Exchange was at 73.56 in the last session. The open interest declined marginally by 2% for the December series contract," it added. The dollar shrugged off news of President Trump relenting on a threat to block a COVID-19 aid bill in thin trading on Monday with many investors on holiday.
"As we approach the year 2021, the rupee movement will be guided primarily by the RBI intervention in the currency market to keep the INR in check. The RBI forex reserves are near all-time high levels," said Nish Bhatt, Founder & CEO, Millwood Kane International.
Market s open high On Strong Global Cues; Stock focus today
What to Expect in the Markets This Week
Gold will continue to sparkle in New Year, likely to touch Rs63K per 10 gram