Indian rupee ends near day’s low at $72.62

1 June, 2021 12:00 AM printer

NEW DELHI: Indian rupee erased the intraday gains and ended near the day’s low at 72.62 per dollar, amid buying seen in the domestic equity market.

It opened higher at 72.39 per dollar against Friday’s close of 72.43 and traded in the range of 72.34-72.65, report agencies.

At close, the Sensex was up 514.56 points or 1 per cent at 51937.44, and the Nifty was up 147.10 points or 0.95 per cent at 15582.80.

“This week is going to be very eventful for USDINR, with RBI MPC outcome and the US NFP data. RBI MPC will continue to maintain its accommodative stance but the focus will be on the outlook of the central bank over the spill-over effect of the second wave of COVID-19 on the economic growth. So we can expect some volatility in spot ahead of that,” said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.

“Technically, there has been a sharp fall in USDINR spot and we expect the new trading range to be 72-73.” Gupta added.

The dollar held near a two-month high against the yen on Monday after a key measure of U.S. inflation showed stronger price gains than expected, keeping alive expectations of an eventual tapering in the Federal Reserve’s asset buying.