Rupee - Sep 8, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee extended losses to end the Wednesday weaker against the dollar weighed down by uptrend in the dollar index and importer hedging.

The Rupee ended at 73.60, compared with 73.42 in the previous session.

Briefly the local unit weakened to a near-two-week low of 73.70 amid speculation on dollar buying by oil companies but trimmed some losses on dollar sales by exporters.

Other Asian currencies came under pressure after the dollar index continued it upward momentum ahead of the ECB meeting on Thursday and weighed on sentiments back home.

Technically, the USDINR Spot pair has broken above 73.50 levels and will continue its bullish momentum up to 73.66-73.80 levels. Support is at 73.40-73.25 levels.

The USDINR Spot pair could trade in a range of 73.35-73.75 levels.

The U.S. Dollar Index was trading higher on Wednesday afternoon session in Asia, buoyed by higher Treasury yields.

The Euro and the Sterling were weak against the dollar on Wednesday afternoon session in Asia ahead of the ECB meeting.

Technically, the Dollar Index holds a support at $92.40-$92.22 levels. Resistance is at $92.80-$93.10 levels.

Source : Equity Bulls

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