Rupee - Nov 4, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated against the greenback as investors continued to have faith in the dollar over U.S. election outcome concerns.

The Rupee ended at 74.74 to the dollar this Wednesday compared with 74.41 in the previous session. In early trades, the rupee had fallen to a more-than-two-month low of 74.87.

For the rest of the day, investors will continue to monitor the election results being called over.

If it's a contested election we could witness investors continue to pour money in the U.S. Dollar.

Investors will be also looking to the U.S. Federal Reserve and Bank of England monetary policies, due tomorrow.

The one-year forward premium was at 2.98 rupees against 2.98 rupees in the previous session.

USDINR Spot opened on a flat note at 74.38 levels which is also the same low of the session, high made is 74.91 and closed at 74.74 levels.

Technically, USDINR Spot has started to trade above 200-Daily Moving Average which is placed at 74.44 levels which will act as immediate support for further upside movement upto 74.96-75.15 levels.

USDINR Spot is expected to trade in a range of 74.40-75.15 levels.

USDINR November futures on NSE is trading up by Rs.0.39 paisa at Rs.74.91 from last session.

Source : Equity Bulls

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