Rupee - Nov 6, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. Dollar on Friday and for a fourth straight week, as the dollar index remained choppy and volatile amid uncertainty over the outcome of the U.S. Presidential election.

The Rupee ended 74.20 to the dollar on Friday compared with 74.39 in the previous session. The Rupee gained 0.1% this week.

The dollar index was down 1.6% so far this week. Asian currencies were mostly higher for the week and lent support.

Back home, foreign inflows into Indian equities also helped the local unit.

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

Technically, USDINR Spot pair has traded on a negative note where its trading below 100-DMA at 74.25 levels indicating sideways momentum in the coming session. Resistance is at 74.25-74.45 & Support is at 73.80-73.59 levels.

USDINR Spot is expected to trade in a range of 73.82-74.30 levels.

USDINR futures on NSE is trading up by Rs.0.12 paisa at Rs.74.3475 this Friday afternoon session.

Source : Equity Bulls

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