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The rupee pared its initial gains and settled on a flat note at 74.75 (provisional) against the US dollar on Wednesday amid muted domestic equities and strengthening American currency.
At the interbank forex market, the domestic unit opened on a strong note at 74.61 against US dollar, but pared the gains and settled for the day at 74.75, down 1 paise from its previous close of 74.74 against the greenback.
During the session, the domestic unit witnessed high volatility and saw an intra-day high of 74.59 and a low of 74.87 against the American currency.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.27 per cent to 95.37.
“Overall the trend in USD-INR spot has been bearish, breaching the psychological level of 75 on weak dollar and risk on mood.
In the past, the USD-INR spot has not been able to break the crucial support of 74.50 on likely RBI buying, and had bounced from there,” said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.
Gupta further said: “We expect 74.50 to continue to act as a crucial support until the US decides on the fresh stimulus program. However, consistent trading below 74.50 will open doors for 74.20/74.25 with 75 acting as the crucial resistance“.