Rupee - Jan 6, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the Dollar as regional currencies strengthened against the Dollar on increasing probability that the Democratic Party will take control of the U.S. Senate.

The Rupee ended at 73.10 compared with 73.18 in the previous session. Intraday low was 73.19 for the session.

Meanwhile Dollar Index continued to struggle this Wednesday amid the possibility of a Democratic win in the crucial U.S. Senate run-off election in Georgia and lent support.

Meanwhile, Congress will meet later in the day to count the electoral votes from the Nov. 3 presidential election and certify Biden's victory.

The Federal Reserve will also release the minutes from its December policy meeting later in the day.

Markets will also look to the private nonfarm payroll numbers, a precursor to the jobs data on Friday and factory data due tonight.

The one-year forward premium was at 3.32 rupees, against 3.30 rupees in the previous session.

Technically, the USDINR Spot pair resisted near 73.25-73.30 levels and holds a strong support of 72.80 levels indicating a sideways momentum in these ranges to continue in the coming session.

The USDINR Spot pair could trade in a range of 72.90-73.30 levels in the coming session.

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