Rupee - May 7, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated on Friday against the U.S. currency supported by an upbeat risk mood in the region.

The Rupee ended 73.51 compared with 73.76 in the previous session.

For the week the currency recorded a second straight weekly rise against the U.S. currency, tracking the weakness of the dollar and upbeat economic data in the U.S. continued to surprise positively, supporting demand for risk assets.

For the day, the rupee strengthened by 0.3%, for the week, it strengthened 0.7%.

The Indian currency also took support from the rising local equities this week.

Technically, the USDINR Spot pair has given a breakdown of its 200-Daily Moving Average at 73.63 levels and below which could see a sharp correction up to $73.38-$73.10 levels. Resistance is at 73.65-73.80 levels.

In the overseas markets, the dollar index is trading weaker this Friday afternoon trade in Asia ahead of the non-farm payroll data.

Technically, the Dollar Index trading on negative note where it is sustaining below 100-Daily Moving Average at $91.07 level indicating a sideways to marginal downside momentum. Support is at $90.60-$90.55 level. Resistance is at $91.00-$91.15 level.

Source : Equity Bulls

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