Rupee - Dec 7, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated against the U.S. currency due to likely intervention from the Reserve Bank of India and sharp rebound of the U.S. Dollar Index in this Monday afternoon trade.

The local unit initially was strong against the U.S. Dollar supported by hefty foreign equity inflows.

The Rupee ended at 73.90 to the dollar compared with 73.80 in the previous session. The currency's day high was 73.70 and the day's low was 73.96.

Meanwhile, Asian currencies were broadly lower and also weighed on sentiments this Monday.

The one-year forward premium was at 3.21 rupees against 3.20 rupees in the previous session.

The USDINR Spot pair is trading near the 50-Daily Moving Average at 73.85 levels below which will continue to trade downside support at 73.60-73.35 levels.

However above 73.87 will resume upside momentum up to 74.02-74.15 levels.

The USDINR Spot pair is expected to trade in a range of 73.60-74.15 levels.

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Source : Equity Bulls

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