Indian Rupee - Oct 16, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated marginally on Friday's lackluster trade, tracking weak U.S. Dollar this Friday afternoon.

However, the currency depreciated against the U.S. currency this week, weighed down by broad dollar strength and the risk-off mood in Asia on continuing uncertainty over the U.S. fiscal stimulus package and lack of progress of the covid-19 vaccine trials.

The Rupee was at 73.34 to the dollar this Friday compared with 73.38 close on Thursday.

The local unit fell 0.3% this week.

Asian currencies were mostly stronger this Friday and lent support to the domestic unit, with the Offshore Chinese Yuan appreciating by 0.25% against the U.S. Dollar this Friday.

The one-year forward premium was at 3.01 rupees, against 3.03 rupees in the previous session.

USDINR Spot opened on a flat note at 73.42 levels and made a high of 73.44, low of 73.24 and gave a close at 73.34 levels.

USDINR Spot once again did not manage to cross above its 21-Daily Moving Average which is placed at 73.42 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 down by Rs.0.09 paisa at Rs.73.4125 from last session.

Source : Equity Bulls

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