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Market Commentary
Rupee - Dec 3, 2020 - Reliance Securities
Posted On : 2020-12-03 16:36:01( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee depreciated for the 2nd consecutive session against the U.S. Dollar weighed down by continuous dollar purchases likely from the central bank probably to mop up portfolio inflows.
The Rupee ended at 73.90 to the dollar compared with 73.80 in the previous session.
The rupee, in early trades, had appreciated to an intraday high of 73.69 on the back of a weak dollar.
Markets will now await the conclusion of the RBI monetary policy meeting.
Asian currencies were mostly higher and lent support.
The Dollar Index was lower in Thursday afternoon trade and will await cues from the labour market due tonight and the monthly payroll data expected to be released on Friday.
The one-year forward premium was at 3.18 rupees against 3.21 rupees in the previous session.
Technically, the USDINR Spot pair has given breakout above 50-Daily Moving Average at 73.85 level indicating a positive momentum up to 74.03-74.20 levels.
Support is at 73.5073.60 levels. Resistance is at 74.05-74.15 levels.
The USDINR Spot is expected to trade in a range of 73.65-74.15 levels in the coming few sessions.
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