INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 73.51 against the dollarGaining for the second straight session, the rupee edged higher by 27
paise against the US dollar on Friday, May 6, to settle at 73.51 (provisional), tracking positive domestic equities and a weaker American
At the interbank foreign exchange market, the local unit opened at 73.62 and witnessed an intra day high of 73.50
It registered a low of 73.76
In an early trade session, the domestic unit rose 16 paise to 73.60 against the greenback
On Thursday, May 6, the local unit settled at 73.78 against the dollar
On Wednesday, May 5, the domestic unit snapped its two-day winning streak and edged lower by six paise to close at 73.91 against the
On Tuesday, May 4, the local unit gained 10 paise to settle at 73.85 against the dollar
USDINR spot has continued the downtrend and has lacked enthusiasm ahead of US NFP data
The primary reason is traders are focusing on global recovery and increase in vaccination drives in the euro zone
Also, seems like the local fx market has likely factored in the slow economic recovery amid escalating coronavirus cases in India, but still
Rahul Gupta, Head Of Research- Currency, Emkay Global Financial ServicesNext week's USDINR trading range will mostly depend on how DXY
If improving economic data stokes inflation worries and leads to expectations that the Fed will reduce monetary stimulus, that could boost
US yields and the dollar,'' added Mr Gupta.''The RBI's dollar selling intervention was passive in nature, as the sell-side dollar
intervention would drain rupees from the system
Technically USD/INR gave a gap-down opening today below the support levels formed in yesterday's session and tried to breach the same but
were not able to sustain above it and soon tested resistance at the Bearish trend line, after which we witnessed a sharp fall and took
support zone also gets breached with ample amounts of volume, we might witness prices falling down to 73.80-73.70 zone, on the contrary if
prices formed strong support here, and gave a bounce back from 74.00-73.90 zone, it might get challenged on the upside in the range of
74.15-74.25,'' added Mr Purohit.On the domestic equity market front, the BSE Sensex ended 256.71 points or 0.52 per cent higher at
the market, the Nifty/Sensex failed to sustain at higher levels
The market breadth was healthy when it opened but due to some profit-taking in financials, Auto and Technology companies, the Nifty closed
It has formed an indecisive formation on a daily chart, however, on a weekly basis, Nifty/Sensex gained 400/1200 points from the lowest
wall of worries and has posted weekly gains of ~1.3%
Indian markets are witnessing wild swings in the face of surging Covid-19 cases that have prompted several states to extend restrictions on
The broader markets are seeing very good action due to the result season
Fundamental Research at Kotak Securities.According to exchange data, the foreign institutional investors were net buyers in the capital
market on May 6 as they purchased shares worth Rs 1,222.58 crore
Brent crude futures, the global oil benchmark, fell 0.16 per cent to $ 67.98 per barrel.
