Market Commentary

Rupee - Nov 27, 2020 - Reliance Securities



Posted On : 2020-11-27 17:56:41( TIMEZONE : IST )

Rupee - Nov 27, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated against the U.S. Dollar on Friday possibly on the back of Greenback purchases likely on behalf of the central bank.

The Rupee ended at 74.05 to the dollar compared with 73.89 in the previous session.

However for the month of November, the currency ended pretty flat against the U.S. Dollar as persistent dollar bids likely for the central bank, offset the impact of robust foreign inflows in local equities and a broad dollar weakness.

Traders await India's GDP data for the fiscal second quarter due today.

The one-year forward premium was at 3.15 rupees unchanged against the previous session.

Indian financial markets will be closed on Monday for a local holiday.

Technically, the USDINR Spot pair bounced back from 73.72 levels & started to trade above 50-Daily Moving Average at 73.82 levels indicating a bullish Reversal where breakout above 74.00 levels will be awaited.

Support is at 73.75-73.63 levels. Resistance is at 74.05-74.15 levels.

USDINR Spot is expected to trade in a range of 73.82-74.10 levels

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.

Source : Equity Bulls

Keywords