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Market Commentary
Rupee - August 23, 2021 - Reliance Securities
Posted On : 2021-08-23 19:47:45( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee appreciated against the U.S. dollar, as the dollar weakened this Monday.
The Rupee ended at 74.21 compared with 74.39 in the previous session.
Improved risk appetite in the region also lent support to the local unit. Asian currencies recovered after last week's losses.
However, the focus this week will be on the Jackson Hole symposium and speech by Fed Chair Jerome Powell.
Technically, the USDINR Spot pair ended lower with a negative crossover of 21*50 Daily Moving Average and is ended below 74.30 levels indicating a sideways to marginal downside momentum up to 74.08-73.90 levels. Resistance is at 74.25-74.40 levels.
The USDINR Spot pair could trade in a range of 74.05-74.30 levels in coming session.
The Dollar Index slipped against its rivals on Monday amid profit-taking ahead of the Jackson Hole symposium event.
Before that today, PMI data from the U.S. could move the markets.
Technically, the Dollar Index above $93.20 could see up to $93.70-$93.95 levels. Support is at $93.30-$92.90 levels.
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