Rupee Slips 18 Paise Against Dollar; Settles At 74.36

INSUBCONTINENT EXCLUSIVE:
Rupee settled at 74.36 against the greenback, declining by18 paise over its last closeThe 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.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.