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Rupee - March 1, 2021 - Reliance Securities

Posted On: 2021-03-01 04:44:14 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated against the U.S. currency on Monday tracking the strength of the Greenback and importers' dollar demand.

However, depreciation was capped after the U.S. Treasury yields took a breather this Monday.

The Rupee ended at 73.54 compared with 73.47 in the previous session. The currency had earlier weakened to 73.78.

The one-year forward premium was at 3.60 rupees against 3.58 rupees in the previous session.

Technically, the USDINR Spot pair has bounced back from 73.16 levels and ended above 100-Daily Moving Average at 73.47 level indicating a positive momentum up to 73.70-73.85 level. Support is at 73.35-73.10 levels.

In the international markets, the Dollar index was trading higher this Monday afternoon trade while the Euro this Monday as pressure has been growing on the European Central Bank to act against rising yields in the euro zone.

The British pound was trading higher this Monday afternoon trade supported by bets on a faster vaccine-led economic recovery.

The safe-haven Yen depreciated this Monday afternoon trade.

Markets will be eyeing Federal Reserve Chairman Jerome Powell's comments this week on how the Fed assuages the bond market selloff.

Markets will also watch important U.S. economic data this week, including the ISM manufacturing and non-manufacturing reports and the monthly non-farm payrolls data.


Source: Equity Bulls

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