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Market Commentary
Rupee - Dec 18, 2020 - Reliance Securities
Posted On : 2020-12-18 21:00:27( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee ended on a very flat note this Friday against the U.S. currency.
Most of the Asian currencies were weak against the U.S. Dollar this Friday and capped gains.
However, for the week the Rupee appreciated against the U.S. Dollar supported by a weak dollar and persistent inflows into local equities.
The Rupee ended at 73.56 to the dollar on Friday compared with 73.60 in the previous session. For the week the local unit appreciated by 0.1%.
The one-year forward premium was at 3.24 rupees against 3.23 rupees in the previous session.
Technically, the USDINR Spot pair traded in a very narrow range amid weekly expiry. It holds a support near 73.40 below and a break could see a downside pressure up to 73.15-72.90 levels.
On the upside immediate resistance remains at 73.70 level could further see upside rally upto 73.95-74.10 levels.
The USDINR Spot pair is expected to trade in a range of 73.40-73.75 levels.
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