Rupee - Jan 8, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S Dollar on Friday supported by hopes of additional fiscal stimulus in a Democrat-controlled U.S. government.

The Rupee ended at 73.24 compared with 73.33 in the previous session.

The local unit had weakened to 73.46 earlier today probably on the back of importers' greenback bids, firm oil prices and an uptick in the dollar index, but recouped losses on the back of strong local equities.

The U.S Dollar Index was trading higher this Friday afternoon in Asian session, however, moves are small ahead of the release of the latest U.S. employment data.

According to a Reuters survey of economists, nonfarm payrolls likely increased by 71,000 after rising by 245,000 in November.

The one-year forward premium was at 3.29 rupees against 3.28 rupees yesterday.

Technically, the USDINR Spot pair took a resistance near the 21-Daily Moving Average which is placed at 73.45 levels below which could see some consolidation. Support is at 73.22-73.10 levels. Resistance is at 73.40-73.55 levels.

The USDINR Spot pair could trade in a range of 73.15-73.43 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