Rupee - Oct 27, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee appreciated against the U.S. Dollar on Tuesday supported by strong local shares and persistent greenback sales by exporters.

Hopes of higher foreign inflows also aided the local unit.

The Rupee ended at 73.71 compared with 73.85 on Monday.

Meanwhile, the dollar index inched remained supported amid uncertainty surrounding U.S. stimulus and elections.

Asian currencies were broadly stronger against the U.S. Dollar and lent support to the local unit.

The one-year forward premium was at 2.98 rupees against 3.00 rupees in the previous session.

USDINR Spot opened on a flat note at 73.94 levels which was also the high of the session. Low of the session is 73.71 and closed at the lows of the session at 73.71.

Technically, USDINR Spot has formed a Bearish Candlestick where it did not sustain 74.00 level. However 73.60 still holds a support which is also 50-DMA above which could bounce back from these levels. Support holds at 73.6-73.45 & Resistance is at 73.97-74.15 levels.

USDINR Spot is expected to trade in a range of 72.55-73.97 levels.

USDINR November futures on NSE is trading down by Rs.0.29 paisa at Rs.73.8975 this Tuesday.

Source : Equity Bulls

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