Rupee - Dec 24, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. Dollar this Thursday supported by sales by foreign banks, equity portfolio inflows and an easing dollar index.

The Rupee ended at 73.54 to the dollar, marking its biggest single-session gain in over two weeks, compared with 73.77 in the previous session.

For the week the Rupee ended flat offsetting the weakness seen in earlier sessions.

Most Asian currencies were stronger against the Greenback and as risk appetite improved as the U.K. and EU could be on the verge of a Brexit trade deal.

The one-year forward premium was at 3.24 rupees, against 3.23 rupees in the previous session.

Technically the USDINR Spot pair has given a breakdown below 21-Daily Moving Average which is placed at 73.72 levels indicating further sideways to marginal downside momentum up to 73.40-73.19 levels. Resistance is at 73.70-73.85 levels.

The USDINR Spot is expected to trade in a range of 73.40-73.70 levels.

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Source : Equity Bulls

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