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Rupee - June 9, 2021 - Reliance Securities

Posted On: 2021-06-09 12:23:55 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat and remained subdued against the U.S. dollar this Wednesday's trade.

However, dollar demand from corporates and weak equities kept appreciation bias limited.

The Rupee ended at 72.98 compared with 72.89 in the previous session.

Meanwhile, the Asian currencies were marginally stronger this Wednesday's trade, while the Asian and domestic shares ended lower.

The one-year forward premium was at 3.26 rupees, against 3.16 rupees in the previous session.

Technically, the USDINR Spot pair is struggling near its 21 Days Moving Average at 72.97 levels indicating a sideways momentum where support is at 72.85-72.70 levels. Resistance is at 73.10-73.25 levels.

The USDINR Spot pair could trade in a range of 72.80-73.20 levels.

The U.S. Dollar is trading marginally lower in lackluster trade this Wednesday afternoon trade as traders looked to upcoming U.S. inflation data and a European Central Bank (ECB) meeting to gauge the pace of global recovery and policymakers' thinking about paring back stimulus.

Technically, the Dollar Index is above $90.00 and could see a bullish momentum support is at $89.88-$89.75 level. Resistance is at $90.10-$90.25 levels.


Source: Equity Bulls

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