(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee ended flat against the U.S. currency on Thursday as the impact of positive regional cues, foreign fund inflows and a broad dollar decline offset likely intervention on behalf of the central bank.
The Rupee ended at 73.89 to the dollar compared with 74.91 in the previous session. The local currency hit a one-month high of 73.76 earlier in the session supported by foreign fund inflows.
Most of the Asian currencies were stronger against the Greenback this Thursday, while U.S. Dollar extended losses this Thursday largely attributed to weak labour market data.
The next major trigger for the Rupee could be the GDP data from India due tomorrow.
The one-year forward premium was at 3.15 rupees against 3.18 in the previous session.
Technically, USDINR Spot pair is holding a support of 50-Daily Moving Average which is placed at 73.80 levels but it is also sustaining below 74.00 level indicating sideways to marginal downside momentum to continue where it holds a support near 73.80-73.68 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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