Rupee - Nov 2, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat on Friday, however, for the week the currency depreciated against the U.S. Dollar amid as persistent dollar purchases from state-run banks, likely on behalf of the central bank.

The Rupee ended at 74.60 to the dollar compared with 74.65 in the previous session. For the week, the rupee depreciated by 0.5%.

The U.S Dollar Index is trading weak this Friday afternoon trade, while most of the Asian currencies were stronger against the U.S. Dollar and lent support this Friday.

However, risk appetite waned as a gloomy global economic outlook dampened sentiment due to rising COVID-19 infections in the U.S. and Europe and kept appreciation bias limited.

The one-year forward premium was at 3.06 rupees, against 3.04 rupees in the previous session.

Indian financial markets are closed on November 16 for a local holiday.

Technically, USDINR Spot pair ended near 200-DMA at 74.53 levels, while 74.75 remained a hurdle. However above 74.35 indicating for sideways to marginal upside momentum. Resistance is at 74.75-74.88 & Support is at 74.35-73.20 levels.

USDINR Spot is expected to trade in a range of 74.25-74.80 levels.

Source : Equity Bulls

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