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Rupee dropped by 9 paise to close at 73.07, as dollar gained in the global markets. Rupee opened flat yesterday, but weakened to 73.1250 in the day trade. The dollar index traded 0.11% higher at 92.13

Meanwhile, foreign institutional investors were net sellers in equity market, to the tune of 589.36 crores.

A weak US jobs report has strengthened the expectations that the US Federal Reserve will delay tapering the stimulus that has helped the markets.

US treasuries and equities were closed yesterday due to Labour day holiday.

OUTLOOK - USDINR

Yesterday’s bounce back to 73.12 shows USDINR’s attempts to break free of the narrow consolidation range that it has found itself in the last few days. But the turn lower is within expected lines. This however, reduces the of a leg further down, which was originally favouring expecting 72.81 or 72.6. We will however wait for atleast a break of 73.15 for a tradeable up move, while also knowing well that it would require a direct rise above 73.3 to see sustainable upsides.

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