Rupee opens higher at 72.87 per dollar
image for illustrative purpose
Indian rupee opened higher at 72.87 per dollar on Monday against Friday's close of 72.92, amid buying seen in the domestic equity market.
The USDINR pair is likely to consolidate near 73 levels for a few sessions. However, upsides could be limited due to a sell-off in the Dollar index last Friday, said ICICI direct.
The dollar-rupee February contract on the NSE was at Rs 73.07 in the last session. The open interest increased almost 2% for February series, it added.
The dollar nursed losses against most currencies on Monday as disappointing U.S. jobs data caused some investors to scale back bets on a rebound in the greenback.
"USDINR is in the same range of 72.80 to 73.00 with no triggers except inflows and RBI buying dollars aggressively . For the day sell above 72.95 and buy below 72.80 could be the only trades. Have to wait and watch which side is triggered first," said Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors.
