On March 10, the rupee rose 2 paise to 72.91 (provisional) against the US currency, tracking the trend in US bond yields.
In the interbank foreign exchange market, the local unit opened against the greenback at 72.97, and saw an intra-day high of 72.88 and a low of 73.10.
It finally closed at 72.91 against the US currency, registering an increase of 2 paise over the previous close.
On March 9, the rupee had gained 32 paise to close at 72.93 against the US currency.
The USD / INR spot is trading in USD bond yields between 72.75-73.30 this week. Now, the focus tonight is on the release of US inflation data for February, which will eventually pave the way forward for bond prices ahead of next week’s FOMC monetary policy meeting, “Rahul Gupta, research-currency, Head of MK Global Global said services
The dollar index, which estimates the strength of the greenback against a basket of six currencies, rose 0.07% to 92.02 on March 10 ahead of inflation figures.
Mr. Gupta said, “The market expects US inflation to rise in comparison to January and this could further boost US yields and the dollar index.”
He further noted that in the USD / INR spot, “we expect 72.70-72.75 to act as an important support, a portion of which could push prices towards the 72.50 zone, while 73.25 as an immediate resistance Will work “.
Meanwhile, global oil benchmark Brent crude futures fell 0.30% to $ 67.32 a barrel.
On the domestic equity market front, the BSE Sensex rose 254.03 points or 0.50% to end at 51,279.51, while the broader NSE Nifty rose 76.40 points or 0.51% to close at 15,174.80.
Foreign institutional investors were net buyers in the capital market as they bought shares worth ₹ 2,801.87 crore on March 9, according to exchange data.
.
Leave a Reply