Rupee - Jan 15, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat against the U.S. currency this Friday, however, for the week the local unit appreciated against the U.S. Dollar aided by persistent equity and corporate fund-related dollar inflows.

However, persistent intervention from the Reserve Bank of India did not allow the local unit to strengthen above 73 levels.

The Rupee ended at 73.07, against 73.04 in the previous session. The unit rose 0.2% this week, after falling 0.2% last week.

Meanwhile, the dollar index was last up 0.13% at 90.36 this Friday and Asian currencies were largely weak this Friday and capped gains of the local unit.

The one-year forward premium was at 3.45 rupees, against 3.48 rupees in the previous session.

Technically, the USDINR Spot pair is sustaining above its support zone near 72.80-72.91 levels above which could see a bounced back momentum up to 73.15-73.35 levels.

The USDINR Spot pair could trade in a range of 72.90-73.25 levels in the coming session.

Source : Equity Bulls

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