Pabari further said that despite positive FII inflows and lower crude oil prices the rupee weakened sharply. If the rupee cannot strengthen on good news, any negative development could easily push USDINR towards the 95.80–96.00 zone. “For now, the bias remains on the upside, while 94.80 is likely to act as an important support level,” he said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 101.38, lower by 0.01 per cent.
Meanwhile, Brent crude, the global oil benchmark, was trading lower by 1.13 per cent at USD 70.76 per barrel in futures trade.
On the domestic equity market front, Sensex climbed 377.40 points to 77,269.54 early trade, while the Nifty rallied 106.70 points to 24,113.25.
Foreign institutional investors sold equities worth Rs 1,140.50 crore on a net basis on Wednesday, according to exchange data.
