Rupee - August 5, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat on Thursday ahead of the RBI's monetary policy meeting outcome on Friday.

The Monetary Policy Committee is expected to maintain a status quo on rates tomorrow but could raise its inflation forecast and make changes in its liquidity withdrawing operations.

The Rupee ended at 74.17 against the dollar vs. a close of 74.19 in the previous session.

Regional currencies remained flat to marginally higher, while crude oil prices remained subdued and lent support to the local unit.

Investors will also await the U.S. jobs report on Friday to provide indicators on the Federal Reserve's likely policy outlook.

Technically, USDINR Spot pair did not sustain above 74.25 levels indicating for sideways to downside momentum up to 74.08-73.90 levels. Resistance is at 74.25-74.40 levels.

The Dollar Index was trading flat on Thursday afternoon trade in Asia ahead of the U.S. jobs report on Friday.

Today, investors will also take cues from jobless claims due tonight.

Technically, the Dollar Index is trading above $92.00 level where further could see $92.50-$93.20 levels. Support is at $92.10-$91.90 levels.

Source : Equity Bulls

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