Rupee - June 18, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated on Friday amid exporters' dollar sales and aggressive greenback sales by foreign banks.

The Rupee ended at 73.86 compared with 74.08 in the previous session.

However, it weakened for the third straight week and fell 1.1%, its biggest weekly loss against the U.S. dollar in over two months, tracking a sharp jump in the dollar index on hawkish Federal Reserve comments.

Other regional currencies were mixed on Friday but were under pressure this week tracking the strength of the dollar index.

Technically, the USDINR Spot pair on the weekly chart has given a breakout above 73.30 levels where it made a recent high near 74.28 levels. It holds a strong support of 50-Weeks Moving Average which is placed at 73.65 levels. Resistance is at 74.32-74.91 levels.

Most of non-dollar currencies were weaker this week, tracking gains in the dollar.

Technically, the Dollar Index on a weekly chart has given a breakout of its range bound move where it has formed a Long Bullish Candlestick and is trading above 21-Weeks Moving Average at $91.11 levels. Resistance is at $92.05-$92.72 levels.

Source : Equity Bulls

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