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Rupee - June 11, 2021 - Reliance Securities

Posted On: 2021-06-12 06:16:21 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended marginally weak on Friday and marginally weaker against the U.S. currency this week.

However, depreciation bias was limited as the dollar and U.S. Treasury yields were weak for this week.

The Rupee ended at 73.07 compared with 73.05 in the previous session. For the week, it fell by 0.1%, adding to last week's 0.8% fall.

The Rupee weakened despite a pickup in foreign equity inflows as importers took advantage of the fall in the USDINR spot pair.

Meanwhile the benchmark BSE Sensex rose for the 4th consecutive week, while most Asian currencies were stronger and capped the depreciation bias this week.

The one-year forward premium was at 3.31 rupees, against 3.30 rupees in the previous session.

Technically, the USDINR Spot pair closed above 21 Days Moving Average at 72.90 levels indicating a bullish momentum up to 73.15-73.28 levels. The USDINR Spot pair could trade in a range of 72.90-73.25 levels.

The Dollar index was trading marginally in the green on Friday afternoon trade in Asia as all focus shifts to the Fed meeting next week.

Technically, the Dollar Index above $90.00 could see a bullish momentum support is at $90.05-$89.88 level. Resistance is at $90.28-$90.44 levels.


Source: Equity Bulls

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