Rupee - Oct 14, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated marginally against the U.S. currency this Wednesday supported by foreign banks' dollar sales.

However investors refrained themselves from taking big positions even as market awaited clarity on the long-delayed U.S. fiscal stimulus package to gauge the pace of economic recovery.

The Rupee ended at 73.30 to the dollar this Wednesday compared with 73.36 in the previous session.

Briefly, the domestic unit had depreciated to an intraday low of 73.47 earlier in the day on dollar purchases by state-run banks, likely for defence-related purposes.

Meanwhile, risk appetite waned in the broader markets amid uncertainty surrounding the Covid-19 vaccine and kept appreciation bias limited in the domestic unit.

The one-year forward premium was at 3.02 rupees, against 3.01 rupees in the previous session.

Technically, the USDINR Spot pair opened on a flat note at 73.29 levels and made a high of 73.47, low of 73.21 and gave a close at 73.30 levels.

USDINR Spot once again holds a resistance near 21-Daily Moving Average which is placed at 73.43 levels below which will continue Bearish move down up to 73.15-73.00 levels.

USDINR Spot is expected to trade in a range of 72.90-73.50 levels.

Source : Equity Bulls

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