Rupee - Sep 17, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat against the U.S. dollar this week, as persistent dollar demand from importers offset the impact of strong local equities.

The Rupee ended at 73.48 compared with 73.52 in the previous session.

For the week, the unit traded in a 73.30 to 73.80 range. It had depreciated by 0.7% last week.

Throughout the week, the markets witnessed dollar buying by oil companies and importers, but at the same time, we also witnessed corporate inflows and exporter covering which kept the rupee in a 50-paisa trading range.

On the charts, the USDINR Spot pair could see sideways momentum where resistance is at 73.90-74.10 levels. Support is at 73.25-73.00 levels.

The USDINR Spot pair could trade in a range of 73.10-73.95 levels in the coming week.

Meanwhile, in the overseas markets the dollar was on its way to end a 2nd week with consecutive gains.

In the overseas markets, technically, the Dollar Index above $92.30 level could see a bullish momentum up to $93.15-$93.50 levels. Support is at $92.30-$91.95 levels.

Source : Equity Bulls

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