Rupee - May 20, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated marginally against the greenback supported by dollar inflows and weaker dollar.

However, gains were capped on importer hedging and the Federal Reserve's bond taper worries weighed on risk appetite.

The Rupee ended at 73.10 compared with 73.17 in the previous session.

Meanwhile, most Asian currencies and equities ended weaker and weighed on sentiments.

The one-year forward premium was at 3.85 rupees, against 3.93 rupees in the previous session.

Technically, the USDINR spot pair could remain in the range 72.90-73.25.

The U.S. dollar was trading on Thursday afternoon trade in Asia handing back some of the gains seen after the minutes from the Federal Reserve's latest policy meeting revealed talk of bond tapering.

Markets could also look to cues from jobless claims and Philly Fed Business Index data due tonight.

Technically, the dollar index resistances are at $90.25 and $90.40. Supports are at $90.03 and $89.90.

Source : Equity Bulls

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