Rupee - Nov 19, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated against the Dollar giving up some of the gains from yesterday's session, tracking a broad decline in Asian currencies amid lacklustre risk appetite and strength of the U.S. Dollar Index.

The U.S. Dollar Index rose this Thursday afternoon in Asian trade as investors shifted to the safe haven appeal of the greenback amid rising covid-19 cases and deaths.

However, depreciation of the local was capped supported by portfolio inflows into the domestic markets.

The Rupee ended at 74.27 to the dollar compared with 74.20 in the previous session. After opening at 74.29, the local unit traded in a 12-paisa range of 74.22 to 74.34 during the day.

The one-year forward premium was at 3.09 rupees against 3.10 in the previous session.

Technically, USDINR Spot holds its downside momentum near 100-DMA which is placed at 74.14 levels indicating upside push from these levels. However if it sustains above 21-DMA near 71.22 levels will continue sideways to marginal upside momentum up to 74.34-74.55 levels.

Source : Equity Bulls

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