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Rupee - July 12, 2021 - Reliance Securities

Posted On: 2021-07-12 11:37:50 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated for the 2nd straight session on Monday against the dollar, tracking gains in most regional currencies and possible inflows related to an upcoming IPO.

The Rupee ended at 74.57 compared with 74.64 in the previous session.

A broad risk-on mood also lent support to the local unit on Monday.

Meanwhile, investors will look to cues from U.S. CPI and Federal Reserve Chairman Jerome Powell's testimony this week.

Back home, CPI and IIP data are scheduled to be released after market hours.

India's retail inflation is likely to have accelerated to a seven-month high of 6.58% in June, against 6.3% in May, according to a poll and would bring it above the Reserve Bank of India's 2% to 6% comfort band for the second month running.

Technically, the USDINR Spot pair resistances are at 74.75 and 74.90. Supports are at 74.50 and 74.35. The USDINR Spot pair could trade in a range of 74.40-74.80 levels.

The U.S. Dollar was higher against the basket currencies on Monday afternoon trade in Asia.

Most of the non-dollar currencies like the Euro and the Pound Sterling are trading marginally weaker against the Greenback on Monday afternoon trade in Asia.

Technically, the Dollar Index holds a 200-Daily Moving Average at $92.30 and above which could see a sideways to marginal upside momentum up to $92.44-$92.78 levels. Support is at $91.90-$91.33 levels.


Source: Equity Bulls

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