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Rupee - Oct 5, 2021 - Reliance Securities

Posted On: 2021-10-05 22:15:16 (Time Zone: IST)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated against the dollar on Tuesday, as crude oil prices soaring to multi-year highs increased concerns about inflation.

The Rupee ended at 74.45 compared with 74.31 in the previous session.

Earlier, the local unit had dropped to 74.63, its weakest since July 20, but pared some losses on dollar sales by exporters and flows from upcoming IPOs.

Most other Asian and EM currencies also remained under pressure this Tuesday weighed down by the strength of crude oil prices.

Technically, the USDINR Spot pair did was unable to sustain above 74.60 level and closed below 74.50 level which could pull the pair to the supports at 74.30-74.10 levels. Resistance is at 74.60-74.75 levels.

The USDINR Spot pair could trade in a range of 74.15-74.60 levels in coming session.

In the overseas markets, the U.S. Dollar rebounded on Tuesday versus major peers on Tuesday ahead of a key payrolls report at the end of the week that could boost the case for the Federal Reserve to start tapering stimulus as soon as next month.

Technically, the Dollar Index above $93.70 level indicating a bullish momentum up to $94.22-$94.58 levels where support is at $93.60-$93.30 levels.

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