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Rupee - May 3, 2021 - Reliance Securities

Posted On: 2021-05-03 12:46:51 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. currency on Monday, as exporters' dollar sales as well as inflows outweighed the impact of weak Asian cues.

The Rupee ended at 73.92 compared with 74.06 in the previous session.

The unit had fallen to an intraday low of 74.33 earlier in the session on rising Covid-19 cases in the country that could hamper the country's growth outlook.

The additional worry for the domestic unit is that inflation pressures could lead to the Fed trimming its asset purchases.

Technically, the USDINR Spot pair has given a breakdown below 74.00 level indicating a downside pressure up to 73.88-73.70 levels. Resistance is at 74.05-74.20 levels. The USDINR Spot pair could trade in a range of 73.85-74.05 levels in coming session.

The U.S. Dollar was trading flat to marginally weaker this Monday afternoon session as investors made a cautious start to a week filled with central bank meetings and U.S. economic data.

Trade was thinned by holidays in Japan, China and Britain.

Technically, the Dollar Index could see a Bearish momentum up to $91.05-$90.92 levels. Resistance is at $91.30-$91.55 levels.


Source: Equity Bulls

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