Rupee to Appreciate on Weak Dollar

The Indian rupee snapped its four-day losing streak to close 29 paise higher against the US dollar on Tuesday, tracking a recovery in domestic equities and weakness in American currency overseas.

At the interbank forex market, the local unit opened on a weak note at 75.60 against the greenback and witnessed an intra-day high of 75.31 and a low of 75.72 before settling at 75.31, up 29 paise over its previous close. However, the surge in the rupee was restricted amid elevated crude oil prices and geopolitical tensions between Russia and Ukraine.

“The rupee is expected to appreciate today due to optimistic sentiments in the domestic markets and weakness in the dollar. Further, easing crude oil prices may continue to provide support to the rupee. However, continuous FII outflows from domestic markets may cap further upside in the rupee. US$INR (February) is expected to correct further towards 75.0 levels for the day,” said ICIC Direct.

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