Rupee opens higher at 72.18 per dollar

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We expect the USD-INR to find supports at lower levels. Utilize downsides in the pair to initiate long positions, says ICICIdirect.





The Indian rupee gained in the early trade on Wednesday. It has opened higher by 21 paise at 72.18 per dollar versus previous close 72.39.

Also, Read - Rupee hits fresh 2019 low; likely to trade around 71-73.25 per dollar in coming weeks

The rupee on September 3 dropped sharply by 97 paise to more than nine-month low of 72.39 against the US dollar as heavy sell-off in the domestic equity market, weak macro environment, and a stronger greenback kept investors edgy, said PTI.

The Indian currency came under pressure after official data released on Friday showed that India's GDP growth fell to an over six-year low of 5 percent in the June quarter, it added.

The domestic currency settled down by 97 paise at 72.39 per dollar, logging its worst single-day fall since August 5 and the lowest closing level since November 13, 2018.

The dollar-rupee September contract on the NSE was at 72.58 in the previous session. Open interest increased 14.28% in the previous session, said ICICIdirect.

We expect the USD-INR to find supports at lower levels. Utilize downsides in the pair to initiate long positions, it added.



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