The Indian rupee erased its morning gains and trading near day’s low at 71.85 per dollar, with domestic equity market trading lower.
It opened flat at 71.75 per dollar on Friday versus Thursday’s close 71.76.
The Sensex was down 160.87 points or 0.40% at 40414.30, and the Nifty was down 46 points or 0.38% at 11922.40.
The rupee pared initial losses and settled 5 paise up at 71.76 against the US currency on November 21 amid softening crude oil prices and weakening of the greenback vis-a-vis other currencies overseas.
Oil prices were toppled from their highest in nearly two months on Friday by doubts over future demand for crude as uncertainty continues to shroud a potential US-China trade deal, and along with it the health of the global economy.
The dollar held overnight gains on Friday, as investors clung to the safe-haven pending developments in Sino-US trade negotiations and amid a growing scepticism about reports of progress in the talks.
The dollar-rupee November contract on the NSE was at 71.79 in the previous session. Open interest increased 12.18% in the previous session, said ICICIdirect.
We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
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