Home / News / India /  Rupee ends on a positive note against dollar at 82.70 amid volatility of RBI MPC

The Indian rupee closed at 82.70 versus the US dollar on Tuesday, up 0.03% from the previous day's close of 82.73/$. The dollar index, which evaluates the dollar's value in relation to the Euro, Japanese Yen, Pound Sterling, Canadian Dollar, Swedish Krona, and Swiss Franc, was down 0.01% at 103.62, having started the day at 103.54. Before the Reserve Bank of India's policy announcement and the speech by Federal Reserve Chair Jerome Powell, the Indian rupee fluctuated within a small range on Tuesday as the local currency was seen trading in an intraday range of 82.64 to 82.79.

Amit Khare, AVP- research commodities, Ganganagar Commodity Limited said “USDINR 24th February future today trading almost flat at 82.77 trading at overbought zone as per technical chart, So we can see some profit booking or correction in USDINR, tomorrow RBI policy meet, Traders are expecting 25 basis point increase in repo rate, So tomorrow we can see some volatility in market. Technically USDINR 24th February contract showing some profit booking indication, 82.90-83.20 are some important resistance, where 82.40-82.00 are major support for USDINR."

Meanwhile, Benchmark indices close in the red with Sensex falling 220.86 points or 0.37% and settled at 60,286.04, whereas Nifty ended the day by falling 43.10 points or 0.24% and settled at 17,721.50. Adani stock recovers as auto and FMCG stocks decline. The RBI's monetary policy decision, which is expected to result in another rate rise of 25 bps on February 8, will now be the focus among the many puzzling events that occurred during the last several weeks.

With Brent crude futures trading 2.14 percent higher at $82.81 per barrel and WTI crude futures holding steady at $75/80 per barrel up by 2.28% on Tuesday, the intraday range for Brent crude futures was seen at 81.19 - 82.89 and intraday range for WTI crude futures were seen at 74.38 - 75.98.

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