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Rupee - April 20, 2021 - Reliance Securities

Posted On: 2021-04-21 03:53:18 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat against the U.S. currency this Tuesday, as lingering concerns over the economic impact of surging coronavirus infections offset the impact of a broad dollar decline.

The Rupee ended at 74.88, unchanged against previous session. The currency had initially strengthened to 74.65 to the dollar earlier in the session but gave up gains to fall to the day's low of 74.99 on importer covering.

The major driver to the Rupee's outlook in the coming days could rest on the economic impact of the current coronavirus wave in the country and how soon the vaccine rollouts occur.

The benchmark BSE Sensex saw a choppy session and fell 0.5% today, adding to yesterday's 1.8% fall.

Foreign investors have been net sellers of about $700 million of Indian shares month-to-date and kept appreciation limited for the local unit.

Asian currencies were stronger this Tuesday tracking the broad decline in the dollar and lent support.

The one-year forward premium was at 3.50 rupees, unchanged against previous session.

Indian financial markets will be closed tomorrow for a local holiday.

Technically, the USDINR Spot pair resistance is at 75.15-75.25. Support is at 74.55-74.50 levels. The pair could remain within the supports and resistances.

In the overseas market, the dollar dropped briefly to its lowest in nearly seven weeks during the Asian session, however the index rebounded from the lows to trade flat this late Tuesday afternoon session.

Technically, the Dollar Index range for the rest of the session is $90.85-$91.20. However, a break above $91.20 could push the index to $91.50, while a break below the $90.85 could pull pair to $90.50 levels.


Source: Equity Bulls

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