Rupee - Nov 9, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat against the U.S. currency on Monday as persistent dollar purchases by state-run banks likely on behalf of the Reserve Bank of India, offset the impact of positive regional cues.

The Rupee ended at 74.17 to the dollar this Monday against 74.20 on Friday.

However, we expect the Rupee to appreciate marginally over the next few days amid portfolio flows into the domestic markets and a weaker U.S. Dollar.

The only factor limiting the gains of the currency will be RBI coming in and mopping up the flows.

The one-year forward premium was at 3.00 rupees against 2.97 rupees in the previous session.

Technically, the USDINR Spot pair has bounced back from 21-DMA at 73.84 levels and is sustaining above 74.00 indicating sideways momentum in the coming session. Resistance is at 74.15-74.25 & Support is at 73.90-73.78 levels.

USDINR Spot is expected to trade in a range of 73.95-74.20 levels.

USDINR November futures on NSE is trading marginally down by Rs.0.04 paise at Rs.74.22 this Monday.

Source : Equity Bulls

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