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Market Commentary
Rupee - Nov 27, 2020 - Reliance Securities
Posted On : 2020-11-27 17:56:41( TIMEZONE : IST )
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
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