Rupee - Currency Update - March 8, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. Dollar supported by exporters hedging positions.

The Rupee ended at 76.91 compared with 76.96 yesterday.

The Rupee also found support after the dollar index took a breather this Tuesday.

Regional currencies were mixed on Tuesday, but European were trading with gains while domestic equities ended with gains and lent support to the local unit.

NDF is at 76.86/93 this Tuesday evening vs a close at 77.00 on Monday.

Technically, if the USDINR spot pair continues to trade above 76.86 levels, it could continue its upside momentum up to the resistance zone at 76.99-77.08. A trade below could pull the pair back to the support zone at 76.77-76.64.

The USDINR Spot pair could trade in a range of 76.64-77.08 levels in the coming session.

The U.S. Dollar has is trading marginally weaker this early Tuesday evening session in Asian trade.

Global investors are awaiting U.S. headline inflation data for February, also due Thursday.

The Euro and the Sterling were marginally stronger, while the Yen was weaker this early Tuesday evening.

Traders will also await the ECB's policy meeting on Thursday.

Technically, if Dollar Index trades above $99.10 it could witness a upside momentum up to the resistance zone at $ 99.35-$99.55. A trade below could pull the Index to the support zone at $98.90-98.65.

Source : Equity Bulls

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