Market Commentary

Rupee Wrap - April 7, 2022 - Reliance Securities

Posted On : 2022-04-07 17:20:14( TIMEZONE : IST )

Rupee Wrap - April 7, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee weakened versus the dollar this Thursday in line with a broader risk off sentiment in the global markets.

The Rupee ended at 75.96/dollar compared with 75.76 close on Wednesday.

Additionally, the Rupee may have also weakened this Thursday amid dollar purchases by state-run banks on behalf of crude refiners.

Asian currencies and equities broadly weakened while Oil was higher this Thursday afternoon session and weighed on sentiments.

Meanwhile, investors will look to cues from the Reserve Bank of India announce its policy decision tomorrow. According to a Reuters poll the RBI may only hike the interest rate in the August MPC meeting.

Indian government bond yields ended largely flat as investors awaited the country's monetary policy decision, due tomorrow.

The benchmark 6.54% bond ended at 6.91%, against yesterday's close of 6.92%.

Technically, the USDINR Spot pair could trade in broad range of 76.22-75.68 in this Friday's session.

The U.S. Dollar is trading flat this Thursday evening in Asian trade.

The Euro, the Sterling the Yen are trading flat this Thursday evening.

Investors will look to cues from the jobless claims data tonight.

Technically, the Dollar Index could trade in a broad range of $99.84-$99.40 in this Thursday's session.

Source : Equity Bulls


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