Rupee - 15th September, 2020 - Angel Broking

Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd

"Yesterday USD-INR appreciated by 0.09% and closed at73.47 levels. Rupee appreciated yesterday on the back of weakness in Dollar as US data shown slower growth in US. All major currencies appreciated yesterday. Chinese yuan hit a 16-month high of 6.8053 yuan per dollar on Monday and last traded at 6.8098 as China's retail sales and industrial output data for August due later in the day is its immediate focus. Indian Forex reserve stand at around US$542.013 Billion on 04 September 2020, the highest ever, with the Foreign Exchange Assets (FCA) component at around US$498.362 Billion. As of today, we are expecting more appreciation may be seen in Indian rupee.Traders can sell USDINR at 73.40 levels with the stoploss of 73.80 and for the target of 72.80 levels. Rupee may test 72.00 soon."

Source : Equity Bulls

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