Rupee - Aug 18, 2021 - Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the dollar this Wednesday, tracking gains in regional currencies ahead of the minutes of the Federal Reserve's latest meeting.

The Rupee ended at 74.24 against 74.35 in the previous session.

Asian currencies were stronger this Wednesday ahead of the minutes of the Fed's July meeting, due later today, that could potentially provide a timeline to withdraw the stimulus.

Indian financial markets are closed tomorrow for a local holiday.

Technically, range for the USDINR spot pair is between 74.15-74.40. A break below 74.15 could pull the pair to 74.00 levels, at the same time a breakout above 74.40 will push the pair to 74.70 levels.

The Dollar Index was flat this Wednesday afternoon trade in Asia before the release of the Fed's July minutes.

Technically, range for the Dollar Index is between 92.90-93.20. A break below 92.90 could pull the Index to 92.50 levels, at the same time a breakout above 93.20 will push the Index to 93.50 levels.

The Euro and the Pound Sterling was marginally in the green against the dollar this Wednesday afternoon trade in Asia, while the safe haven Yen was marginally weaker this Wednesday afternoon trade.

Source : Equity Bulls

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