Rupee - Oct 19, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat against the dollar in lackluster trade as investors stayed away from the markets as amid expectations that volatility in the local unit may rise closer to the U.S. Presidential elections.

Meanwhile, likelihood of a continued impasse over the fiscal stimulus package also kept increased uncertainty in the markets and kept investors away.

The Rupee ended at 73.37 compared with 73.34 in the previous session.

The dollar index was almost flat, while Asian currencies were mixed this Monday trade.

The one-year forward premium was at 2.98 rupees, against 3.03 rupees in the previous session.

Technically, USDINR Spot opened on a slightly positive note at 73.37 levels and made a high of 73.42, low of 73.31 and gave a close at 73.34.

USDINR Spot traded in a very narrow range where it is constantly trading below 21-Daily Moving Average that is below 73.40 levels will continue to trade on Bearish momentum.

Support holds at 73.24-73.12 levels and Resistance is at 73.44-73.60 levels.

USDINR Spot is expected to trade in a range of 72.12-73.55 levels.

USDINR October futures on NSE is trading marginally down by Rs.0.01 paisa at Rs.73.415 from last session.

Source : Equity Bulls

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