Rupee - Nov 5, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. currency on Thursday supported by upbeat local equities amid a probability that Democrat Joe Biden could win the U.S. Presidential elections.

The Rupee ended at 74.39 to the dollar compared with 74.74 in the previous session.

The dollar index inched lower this Thursday adding to losses in the previous two sessions. Asian currencies were broadly higher and lent support.

The one-year forward premium was at 2.96 rupees against 2.97 rupees in the previous session.

USDINR Spot opened on a flat note at 74.64 levels and 74.18 is low of the session, high made is 74.66 and gave a closed 74.39 levels.

Technically, USDINR Spot has traded on a negative note where prices are struggling near 100-DMA at 74.27 levels indicating sideways momentum in the coming session. Resistance is at 74.45-74.70 & Support is at 74.25-74.12 levels.

USDINR Spot is expected to trade in a range of 74.22-75.70 levels.

USDINR November futures on NSE is trading down by Rs.0.35 paise at Rs.74.4325 this Thursday afternoon.

Source : Equity Bulls

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