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Rupee trades higher at 74.47 per dollar.


Date: 17-11-2020
Subject: Rupee trades higher at 74.47 per dollar
Indian rupee is trading higher at 74.47 per dollar, amid buying seen in the domestic equity market.

It opened higher by 17 paise at 74.43 per dollar against Friday's close of 74.60.

The currency market was shut on November 16 on account of Diwali Balipratipada.

At 11:22 IST, the Sensex was up 127.32 points or 0.29% at 43765.30, and the Nifty was up 35.10 points or 0.27% at 12815.40.

"USD INR has opened stronger after Moderna claimed that its vaccine was 95 %successful. Its a risk on sentiment all over with equities in Asia and India all up and the broader market in particular has been doing well," said Anil Kumar Bhansali, Head Treasury, Finrex Treasury Advisors.

"The range for the day, as RBI absorbs the flows, should be 74.20-74.70. About USD 8 billion was bought by RBI for the week ending on 6th and we are at the cusp of USD 575 billion on reserves," he added.

Oil prices edged higher on Tuesday on expectations OPEC and its allies will extend oil production cuts for at least three months, while sentiment was bolstered by news of another promising coronavirus vaccine.

Gold prices were little changed on Tuesday, as concerns over spiking U.S. coronavirus cases offset pressure from vaccine optimism brought about by a positive vaccine trial data.

Profit booking was seen in USD-INR future on the higher side whereas looking at the Dollar index and writing in OTM Calls we feel upsides for the pair could be limited, said ICICIdirect.

The dollar-rupee November contract on the NSE was at 74.67 in the last session. The open interest fell 7.5% for the November series contract, it added.

Source:-moneycontrol.com

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