Rupee - Nov 23, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended marginally higher against the U.S. currency as regional risk sentiment improved on growing hopes of an early rollout and the efficacy of the Covid-19 vaccines.

However, further gains were capped amid speculation of the Reserve Bank of India intervention in the market.

The Rupee ended at 74.10 to the dollar compared with 74.16 in the previous session.

Meanwhile, Asian currencies appreciated against the U.S. Dollar Index this Monday and lent support. The Korean won and the Taiwan dollar added 0.4% and 0.2%, respectively.

The dollar index was down 0.24% at 92.17 this Monday afternoon trade. Minutes of the Federal Reserve's last meeting will be released on Wednesday.

The one-year forward premium was at 3.14 rupees against 3.12 in the previous session.

Technically, the USDINR Spot pair retreated from 74.22 levels where it held a resistance of 21-Daily Moving Average and is sustaining below that level indicating sideways momentum to continue where it holds a support near 73.93-73.78 levels. Resistance is at 74.15-73.25 levels.

USDINR Spot is expected to trade in a range of 73.85-74.20 levels.

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Source : Equity Bulls

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