Indian rupee closed 5 paise down at 66.42 against dollar on Thursday
Indian rupee closed 5 paise down at 66.42 against dollar on Thursday and snapped its 6-day winning streak on account of buying of the American currency by banks and importers. Earlier, the currency opened 10 paise down against the US dollar.
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Domestic equity markets ended higher on account of buying in selected frontline blue chip counters amid firm global cues. Sensex closed 119 points up at 29045, while Nifty 50 index settled 34.55 points up at 8952.50.
The currency on Wednesday gained by 15 paise to close at four-month high of 66.37 against the US dollar. Foreign institutional investors (FIIs) remained net buyers in the Indian equity markets as they bought shares worth of Rs 1,393.38 crore on September 7.
According to Choice Broking, a weekly momentum indicator RSI reading is at 43 levels with negative crossover, besides RSI reading is near to its trend line and horizontal support which point out for bounce back. So for trading perspective, one could sell with SL of 67.20 for target of 66.30‐66.10