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Market Commentary
Rupee - Jan 18, 2021 - Reliance Securities
Posted On : 2021-01-18 20:03:03( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee depreciated against the U.S. Dollar as the Greenback remained firm this Monday afternoon trade amid risk aversion.
Dollar demand from importers also weighed on the local unit.
The Rupee ended at 73.28 compared with 73.07 in the previous session.
All of the Asian currencies were weak this Monday and Indian equity markets were lower this Monday and weighed on sentiments.
The one-year forward premium was at 3.45 rupees, unchanged against the previous session.
Technically, the USDINR Spot pair ended higher and a close above 73.15 levels indicates an upside momentum up to 73.45-73.58 levels. Support is at 73.20-73.00 levels.
The USDINR Spot pair could trade in a range of 73.15-73.45 levels in the coming session.
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