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Rupee - Oct 21, 2021 Outlook - Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

Posted On: 2021-10-21 09:27:00 (Time Zone: IST)


The Indian Rupee appreciated against the U.S. dollar on Wednesday supported by custodian flows from foreign banks which prompted investors exiting of dollar long positions.

The Rupee ended at 74.87 compared with 75.34 on Monday.

The unit appreciated 0.6% its biggest single-session rise since Aug, 27.

Regional currencies appreciated this Monday while softening crude oil prices lent support to the local unit.

Meanwhile, the local unit was also helped by upbeat risk appetite in the broader markets.

The U.S. Dollar dipped on Wednesday as risk sentiment improved in the broader markets.

The Euro ended with gains against the Greenback, while the Sterling also rose against the Greenback on Wednesday after a dip in September inflation was unlikely to stop the BoE from raising interest rates soon.

The Indian Rupee could open stronger this Thursday morning against the dollar, tracking a fall in the greenback.

The Rupee could open around 74.75-74.76 in initial trades compared with 74.87 in the previous session.

NDF is at 74.75/76 this Thursday morning vs. a close of 74.75 on Wednesday.

EM and Asian currencies have started stronger against the Dollar this Thursday morning and could lend support.

Technically, the USDINR Spot pair supports are at 74.70 and 74.65. Resistances are at 75.07 and 75.30.

The U.S. Dollar has started flat to marginally weak this Thursday morning in Asian trade.

On the charts, the Dollar Index resistances are to $93.75 and 93.90. Supports are at $93.48 and $93.24.

The Euro and the Sterling have started stronger against the dollar this Thursday morning in Asian trade.

The Japanese Yen has started marginally weaker against the Greenback this Thursday morning.


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