(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee appreciated against the U.S. currency for the third session in a row this Thursday supported by persistent dollar inflows into local equities.
The Rupee ended at 73.04, compared with 73.15 in the previous session. The intraday high for the session is 72.94.
On the international side of things the U.S. Dollar Index was marginally lower this Thursday afternoon session as investors await the details on U.S. President-elect Joe Biden's plans for further stimulus measures.
Biden has promised to deliver measures that could cost "trillions" of dollars and will unveil them later in the day.
Investors will also look for further clues on the U.S. monetary policy outlook when Federal Reserve Chairman Jerome Powell speaks at a virtual event later in the day.
Most regional equity gauges advanced, while Asian currencies were mixed.
The one-year forward premium was at 3.48 rupees, against 3.41 rupees in the previous session.
Technically, the USDINR Spot pair traded on a negative note where it bounced back from its multiple support zone near 72.90-72.95 levels and managed to resume above 73.00 levels indicating a sideways to marginal downside momentum up to 72.90-72.75 levels resistance is at 73.10-73.25 levels.
The USDINR Spot pair could trade in a range of 72.85-73.20 levels in the coming session.
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