NEW DELHI: The Indian rupee opened 13 paise lower at 73.48 a dollar on May 11 amid weakness in the equity market.
In the previous session, the Indian currency ended at the day’s high of 73.34, amid buying in the domestic equity market for the fourth straight session, report agencies.“The USD-INR has appreciated to 73.50 as the Indian variant of the virus is causing some strain bringing equities down as also to the rupee. However flows in the pair should continue and every uptick should bring about some good selling,” said Anil Kumar Bhansali, Head of Treasury at Finrex.
“The RBI was the only buyer of the pair yesterday and did not allow an appreciation beyond 73.30 of the rupee. Importers are likely to buy around 73.30 and exporters are likely to sell around 73.60 in the near term. The rupee range for the day is 73.30 - 73.60,” he said.