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Rupee - April 30, 2021 - Reliance Securities

Posted On: 2021-05-01 05:23:12 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat on Friday. The Rupee ended at 74.06 compared with 74.04 in the previous session.

However, for the month the Rupee weakened against the U.S. Dollar as a resurgence of a deadly second wave of covid-19 cases in the country intensified worries that an economic recovery may be delayed.

Additionally, the currency also came under pressure this April after the Reserve Bank of India announced its own quantitative easing-styled bond purchases and some believed that the plan could turn inflationary.

For the week, the domestic unit strengthened 1.3% tracking the weak dollar.

Meanwhile, FPI remained net sellers in the month of April and weighed on sentiments.

Technically, the USDINR Spot pair traded in a small range in the intraday session from 73.90 to 74.12 levels. Supports remain at 74.00 and 73.90 and resistances are at 74.20 and 74.30.

Meanwhile, in the overseas markets, the U.S. dollar was trading with small gains against a basket of major peers this Friday afternoon trade, tracking the strengthening of the U.S Bond yields.

However, upside remained capped as the Federal Reserve stuck to its message of ultra-low interest rates for longer.

Technically, the Dollar Index supports are at $90.66 and $90.58. Resistances are at $90.85 and $90.95.


Source: Equity Bulls

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