(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee appreciated for the 4th consecutive session against the U.S. Dollar this Wednesday tracking gains in most regional currencies led by a broad dollar decline.
The Rupee ended at 73.91 to the dollar this Wednesday compared with 74.01 in the previous session.
Lack of negative news flow across global markets and the risk-on mode continued to lend support.
The offshore Chinese yuan and the Korean won led Asian currencies higher against the dollar. The dollar index slipped this Wednesday afternoon trade adding to yesterday's fall and lent support to local unit.
The one-year forward premium was at 3.18 rupees against 3.19 in the previous session.
USDINR Spot pair holds a support of 50-Daily Moving Average which is placed at 73.80 levels however it is sustaining below 74.00 level indicating sideways to marginal downside momentum to continue where it holds a support near 73.80-73.62 levels. Resistance is at 74.00-74.15 levels.
USDINR Spot is expected to trade in a range of 73.70-74.05 levels.
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