Rupee - May 14, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated on Friday as the Dollar was weak this Friday afternoon trade.

The currency appreciated for a 3rd straight week supported by exporters' dollar sales.

Additionally, the local unit got a lift from easing inflation worries and better than expected IIP number back home.

The Rupee ended at 73.29 compared with 73.42 on Wednesday. The currency strengthened 0.3% this week.

The one-year forward premium was at 3.83 rupees versus 3.82 rupees at previous close.

Technically, the USDINR Spot pair resistance is at 73.40 and 73.50. Supports are at 73.20 and 73.10.

The U.S. Dollar edged lower against major currencies on Friday afternoon trade in Asia as risk appetite recovered across markets, after Federal Reserve officials helped calm jitters this week about accelerating U.S. inflation.

Technically, the Dollar Index has given a breakout about $90.40 levels where it holds a strong support at $90.35.-$90.10 levels. Resistance is at $90.65-$90.80 levels.

Source : Equity Bulls

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