Choppiness is likely to continue near 75 levels and the pair could slip towards 74.5, says ICICIdirect.
Indian rupee ended lower at 74.85 per dollar, amid selling seen in the domestic equity market.
It opened slightly lower at 74.84 per dollar against previous close of 74.79 and traded in the range of 74.80-74.87.
At 14:30 IST, the Sensex was down 318.95 points or 0.84% at 37752.18, and the Nifty was down 98.00 points or 0.87% at 11104.90.
Volatility could be seen in the rupee and other EM currencies due to FOMC meet. However, choppiness is likely to continue near 75 levels and the pair could slip towards 74.5, said ICICIdirect.
The dollar-rupee contract on the NSE was at 74.95 in the last session. The open interest rose 40.6% in the last session, it added.
Oil prices dipped on Thursday as a surge of coronavirus infections around the globe raised fears a rebound in fuel demand would stutter just as major oil producers are set to raise output in August.
The dollar was mired at a more than two-year low on Thursday as the Federal Reserve repeated a pledge to limit damage from the pandemic as surging new coronavirus cases hamper the economy.
First Published on Jul 30, 2020 10:00 am