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Rupee - July 6, 2021 - Reliance Securities

Posted On: 2021-07-06 16:37:02 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated against the U.S. dollar on Tuesday, amid importer demand for dollars following a sharp spike in crude oil prices.

The Rupee ended at 74.54 compared with 74.30 in the previous session. The unit weakened by 0.3% on Tuesday, its biggest single session fall since June 22.

The increase in oil prices could raise inflation expectations and widen India's trade deficit and could hurt the Rupee.

Meanwhile, markets still remain focused on the release of Federal Reserve monetary policy minutes on Wednesday that will be scrutinized for clues on U.S. monetary policy.

The notes of the meeting should offer more insight on the inflation stance as well.

Asian currencies were weak on Tuesday, while the Dollar Index was also trading marginally higher this Tuesday afternoon trade in Asia.

Technically, the USDINR spot pair has breached above the 74.50, and another sustained trade above the level will push the pair to 74.90 levels. Immediate supports are at 74.35 and at a pivotal 74.25.

In the overseas markets, the dollar index immediate hurdle is at $92.45, and a trade above could push the index to $92.75 levels. On the downside, the index holds a pivotal support at $92.10 levels and only close below the level will pull the index lower.

On the data side of things, markets could also look to cues from the U.S. Institute of Supply Management (ISM) non-manufacturing PMI for June today.


Source: Equity Bulls

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