Rupee opens 9 paise up at 74.93 against US dollar

The rupee opened 9 paise higher at 74.93 against the US dollar on Monday, tracking gains in domestic equities and lower crude oil prices.

Motilal Oswal Financial Services believes that optimism over coronavirus vaccine has lifted the overall market sentiment. However, it expects that momentum for the currency could be lost if the number of Covid-19 cases continues to rise across the globe as well as in India.

Domestic cues remained subdued which kept the volatility low for the currency. “For the day, we expect USDINR (Spot) to quote in the range of 74.70 and 75.25,” Motilal Oswal Financial Services said.


Market participants will be keeping an eye on the EU summit deal and gains for the Euro could remain capped.

Euro rose in the last few sessions following broad weakness in the dollar against its major crosses and on to hopes that European leaders would break a deadlock and hammer out an economic rescue deal.

The dollar is broadly weak as investors maintained strong risk appetite, betting on more stimulus not just from Europe but also the US.