Rupee Vs Dollar Today: The rupee edged marginally higher by two paise against the US dollar on Wednesday, March 10, to settle at 72.91 (provisional) tracking the trend in the US bond yields. At the interbank foreign exchange market, the domestic unit opened at 72.97 against the dollar and registered an intra-day high of 72.88. It registered a low of 73.10. In an early trade session, the local unit inched four paise higher to 72.89 against the greenback. The rupee closed at 72.91 against the dollar, registering a rise of two paise over its previous close. On Tuesday, March 9, the local unit settled 32 paise higher at 72.93 against the American currency.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, gained 0.07 per cent to 92.02, ahead of the inflation data. ”With yields moving lower and so was the dollar index equities moved a tad higher and so did the rupee. Nothing much has changed and am still expecting higher levels once it crosses 73.30. 72.70-80 should be good buys for importers and 73.20-30 good sell for exporters today,” said Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors.
“This week USD/INR spot is trading sideways between 72.75-73.30 tracking the trend in US bond yields. Now, the attention turns to the release of US inflation figures for February due tonight, which will ultimately dictate the path forward for bond prices ahead of next week’s FOMC monetary policy meeting,” said Rahul Gupta, Head Of Research-Currency, Emkay Global Financial Services.
“The market expects US inflation to remain elevated compared to January figure and this may add further uptrend in US yields and dollar index,” he added.
On the domestic equity market front, the BSE Sensex ended 254.03 points or 0.50 per cent higher at 51,279.51, while the broader NSE Nifty climbed 76.40 points or 0.51 per cent to 15,174.80.
”Today, the market closed at the level of 15170 and reached a high, however, traders were not keen to carry positions due to the bank holiday on Thursday. It can also happen on Fridays, as it can be a weekend getaway. Next Monday we can see a strong trend. Technically, the market closed above the level of 15150/51250, which could maintain the market’s bullish continuation,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
According to exchange data., the foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹2,801.87 crore on March 9. Meanwhile, global oil benchmark Brent crude futures slipped 0.30 per cent to $ 67.32 per barrel.