Rupee - May 11, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended steady against the U.S. Dollar as exporters' dollar sales offset the impact of a weak risk appetite in the region.

The Rupee ended at 73.34 compared with 73.35 in the previous session. It had fallen to an intra-day low of 73.54 earlier in the session tracking a decline in most Asian currencies which was weighed down on concerns over rising U.S. inflation expectations.

The one-year forward premium was at 3.83 rupees versus 3.75 rupees at previous close.

India's government bond yields settled little changed for a second consecutive session on a lack of fresh cues.

Technically, the USDINR Spot pair is struggling near 100-Daily Moving Average near 73.33 levels and another trade below the level could pull the pair to 73.15-73.10 levels. Resistance for the pair remains at 73.50-73.55.

The Dollar Index and the 10-year Treasury Yields were flat ahead of the inflation data on Wednesday.

Technically, the Dollar Index could continue its Bearish trend below $90.40 levels towards a strong support at $90.05-$89.92 levels.

Source : Equity Bulls

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