Market Commentary
Rupee - March 3, 2021 - Reliance Securities
Posted On:
2021-03-03 08:52:31
(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities The Indian Rupee appreciated against the U.S. currency, aided by upbeat risk appetite in the region and corporate dollar and equity flows. The Rupee ended at 72.71 to the dollar against 73.36 in the previous session. Intraday high was 72.69. The benchmark BSE Sensex ended 2.3% higher this Wednesday aided sentiments. The one-year forward premium was at 3.63 rupees against 3.60 rupees in the previous session. Technically, the USDINR Spot pair has given a sharp correction from 73.36 levels and ended below 21-Daily Moving Average at 72.81 levels indicating a Bearish momentum up to 72.65-72.30 levels. Resistance is at 72.85-73.00 levels. In the international markets, the Dollar Index fell marginally on Wednesday as investor sentiment improved, and government bond yields extended their retreat amid expectations that the Federal Reserve may not allow an unchecked increase in long tenure Treasury yields. Markets could track key data points like nonfarm payroll and ISM non-manufacturing PMI data this week. A pre-cursor to the jobs data will be the release of ADP employment data tonight. Apart from that, markets could also look to cues from Fed Chairman Powell's speech this week.
Source: Equity Bulls
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