Rupee opens flat at 75.50 against the US dollar

NEW DELHI: The rupee on Wednesday opened flat at 75.50 against the US currency amid easing crude oil prices and a strong dollar in overseas markets.

On the domestic front, auto and cement sales data is expected to be released. However, market participants remain cautious and await for more clarity on the ongoing tension between India and China.

“For USDINR, 75.69 and 75.96 may act as crucial levels in the upside while 75.41 and 75.29 will act as major support levels,” said a daily report from Geojit Financial Services.

Market participants will also be keeping an eye on the fiscal deficit number and the weaker-than-expected number could dampen the overall market sentiment.

Falling oil prices and continued capital outflows aided the Indian currency that ended the session higher by 7 paise on Tuesday. However, weak domestic equity markets capped more gains.

The local unit on Tuesday opened higher by 75.48 a dollar and moved in the range of 75.45 and 75.50 before settling the day at 75.51 against its last close of 75.58. On the previous day, the rupee appreciated by 7 paise.