Rupee opens higher at 75.48 per dollar

Rupee opens higher at 75.48 per dollar

The Indian rupee opened 10 paise higher at 75.48 per dollar on Tuesday versus the previous close of 75.58, amid buying seen in the domestic equity market.

On June 29 the domestic currency ended higher at 75.58 against Friday's close of 75.64.

At 10:10 IST, the Sensex was up 222.55 points or 0.64% at 35184.07, and the Nifty was up 71.30 points or 0.69% at 10383.70.

"Rupee ended higher on Monday on likely overseas inflows into local debt amid a weak greenback. Some Jio-related inflows further supported spot pair, however, dollar buying by nationalized banks likely on behalf of Reserve Bank of India (RBI) capped sharp fall in spot pair. Rupee still broadly trading between the range of 75.40-75.75," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

Oil prices fell in early trade on Tuesday after weak Japanese industrial production data, not usually a market-moving factor, was enough to jangle trader nerves over a bumpy recovery in fuel demand as coronavirus pandemic restrictions ease.
The rupee has been finding support near 75.35-75.40 levels (spot). We expect it to witness a fresh up move from these levels. Only a close below it may trigger further downsides in the currency pair, said ICICIdirect.

The dollar-rupee contract on the NSE was at 75.69 in the last session. The open interest increased almost 2.5% in the July series, it added.