Rupee - Feb 18, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended higher on Thursday and gained this week against the dollar as a jump in long-term U.S. Treasury yields offset the impact of robust foreign inflows in local equities.

The Rupee ended at 72.65 to a dollar compared with 72.74 in the previous session. The unit strengthened 0.1% this week after rising 0.2% last week.

However, appreciation bias was capped due to consistently higher crude oil prices. Currently the global benchmark is trading at $64.44/barrel.

The one-year forward premium was at 3.73 rupees against 3.72 rupees in the previous session.

Indian money markets will remain closed tomorrow for a local holiday.

The dollar index was marginally lower this Thursday as markets await jobless claims due tonight.

Technically, the USDINR Spot pair ended on a negative note where it did not manage to crossover above 72.80 level and now could see a downside momentum upto 72.60-72.45 levels. Resistance is at 72.80-72.95 levels.

Source : Equity Bulls

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