Paring losses from its early session, the rupee gained 12 paise against the US dollar on Thursday, April 15, to settle at 74.93 (provisional), tracking positive domestic equity markets and easing crude oil prices. At the interbank foreign exchange market, the domestic unit opened weaker at 75.19, but recovered its lost ground and closed 12 paise higher over its previous close of 75.05. Throughout the session today, the local unit registered an intra-day high of 74.92 and an intra day low of 75.33. In an early trade session, the local unit fell 17 paise to 75.22 against the greenback.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading slightly higher by 0.02 per cent to 91.69. According to forex dealers, a moderately strong dollar overseas weighed on the rupee.

”USDINR started again on a biddish note as corona cases surge beyond 200k cases per day. Though dollar index fell below 92 INR was still being offered as GDP growth forecasts are scale down. Exporters may keep positions open with a stop below 74.90 while importers should buy all dips and major dips as RBI is the only seller in the market,” said Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors. 

”The rupee open lower against the U.S currency, the spot rupee was quoting at 75.2 against 75.14, March month retail inflation increased at four months high eat 5.52 per cent due to higher food and fuel prices, FII is net seller in the month of April also putting pressure on domestic currency despite of weakness in the dollar index globally. Technically resistance for USDINR spot is 75.40 levels. Support is shifted to 74.90 – 75.05 levels in coming session,” said Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited.

The BSE Sensex climbed 259.62 points or 0.53 per cent lower to close at 48,803.68. Similarly, the broader NSE Nifty rose 76.65 points or 0.53 per cent to 14,581.45.

”For the second time, the Nifty and Sensex managed to close above the levels of 14450 and 48550, respectively. By forming the formation of bullish continuation on a daily basis, the market has opened the possibilities of hitting 14850/50100, where it has resistance of upward barrier of the rectangle consolidation,” said Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities.

”The lower boundary of the trading range is at 14250/47690 levels. The bank-nifty also closed at the highest point of the day due to unusual strength in private banks. The value-buying emerged in Technology companies and select stocks closed at the highest point of the day. On Friday the strategy should be to buy on dips.  The buying range should be 14530 to 14480.  Keep a final stop loss at 14350 for the same,” he added.

Accordign to provisional data, the foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 730.81 crore on April 13. Brent crude futures, the global oil benchmark, edged lower by 0.36 per cent to $ 66.34 per barrel.