Rupee - Sep 7, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated against the U.S. Dollar on Tuesday weighed down by importer buying dollars and an uptick in the dollar index.

The rupee was quoted at 73.42 compared with 73.11 in the previous session. The unit fell 0.4% on Tuesday, its biggest single-session fall since Jun. 19.

Meanwhile, most of the EM and Asian currencies were weak on Tuesday and weighed on sentiments.

Technically, the USDINR Spot pair has given a sharp breakout and has formed a long Bullish Candlestick where it bounced back from 73.05 levels up to 73.45 levels indicating a sign of Bullish Reversal. Resistance zone is near 73.50-73.65 levels. Support is at 73.30-73.18 levels.

The USDINR Spot pair could trade in a range of 73.25-73.60 levels in coming session.

The U.S. Dollar Index was trading higher on Tuesday, tracking strengthening bond yields.

Technically, the Dollar Index holds support at $92.15-$91.98 levels. Resistance is at $92.33-$92.52 levels.

Source : Equity Bulls

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