Rupee - Oct 15, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated against the dollar, weighed by a weak risk appetite in the region as the possibility of another U.S. fiscal stimulus package before the Presidential elections looks doubtful.

Additionally, importers' mid-month dollar demand also weighed on the local unit.

The Rupee ended at 73.38 to the dollar compared with 73.30 in the previous session.

Possible fund and portfolio outflows in the domestic markets may have also weighed on the domestic unit today. The BSE Sensex was trading down by over 2% this Thursday afternoon session.

Asian currencies were weak amid the sour risk tone as the dollar index inched higher and weighed on sentiments this Thursday.

The one-year forward premium was at 3.03 rupees, against 3.02 rupees in the previous session.

Technically, the USDINR Spot pair opened on a flat note at 73.26 levels and made a high of 73.45, low of 73.19 and gave a close at 73.38 levels.

The USDINR Spot pair is trading near a resistance near the 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. Resistance is at 73.58 -73.65 levels.

USDINR Spot is expected to trade in a range of 72.15-73.60 levels.

USDINR October futures on NSE is trading up by Rs.0.12 paisa at Rs.73.51 from last session.

Source : Equity Bulls

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