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Rupee - March 5, 2021 - Reliance Securities

Posted On: 2021-03-05 05:39:09 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated on Friday as the dollar index extended yesterday's rebound amid the weak risk mood in the region.

The Rupee ended at 73.01 to the dollar against 72.83 in the previous session.

However, for the week, the local unit appreciated aided by a slew of foreign dollar inflows and exporters' greenback sales. The rupee traded in a broad 72.58 to 73.78 range this week.

Most Asian currencies were weak this week and capped further appreciation of the local unit.

Another potential risk factor for the rupee this week was higher crude oil prices. Brent crude is up by 3% this week.

The one-year forward premium was at 3.58 rupees against 3.53 rupees in the previous session.

Technically, the USDINR spot pair immediate resistance is 73.15 and a break above will push the pair to 73.38 levels. Support is at 72.95 and 72.80.

Meanwhile, the Dollar Index was trading with solid gains this Friday afternoon trade, while most of the non-dollar currencies are trading weak this Friday afternoon trade after Federal Reserve Chair Jerome Powell signalled no immediate move to address the surge in bond yields.

Investors now await non-farm payrolls data tonight.

Technically, the dollar index range immediate resistance is at 92.00 and a break above will push the index to 93.50 levels. Support is at 91.50 and 91.15.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.


Source: Equity Bulls

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