The Indian rupee opened lower by 24 paise at 69.11 per dollar on Thursday versus previous close 68.87.
With the FII flows coming in, we expect the rupee to remain buoyant, said Amarjeet Maurya, AVP- Midcaps, Angel Broking.
However, the RBI’s proposed USD 5 billion dollar swap will absorb dollars from the market and infuse rupee liquidity. This is likely to limit a very sharp appreciation in the rupee.
Hence, broadly the rupee should be range bound at the current range. We have seen IT stocks take a hit recently due to the sudden strength in the rupee. On the positive side, capital goods which are an import-intensive sector are likely to benefit from the strong rupee, he added.
According to ICICIdirect, the dollar-rupee April contract on the NSE was at 69.28 in the previous session. April contract open interest rose 37.02% in the previous session.
We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.
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