Rupee - Feb 15, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated for a 2nd straight session against the dollar amid improved risk appetite lifted by hopes that the global economy could be poised for a quick rebound.

The Rupee ended at 72.69 against 72.75 in the previous session. Earlier in the session, the rupee had strengthened to 72.57.

However, likely intervention from RBI capped gains.

Meanwhile, the local unit was aided by an uptick in Asian currencies this Monday with the Chinese Yuan appreciating by 0.23% in offshore trade.

The safe haven dollar started the week near two-week lows on Monday afternoon trade, as optimism about COVID-19 vaccine rollouts and a planned $1.9 trillion U.S. stimulus package drove up riskier currencies and stock markets across Europe and Asia.

The one-year forward premium was at 3.78 rupees against 3.75 rupees on Friday.

Technically, the USDINR Spot pair has given a breakdown below its strong support at 72.75 levels below which could see its Bearish momentum could continue upto 72.48-72.30 levels. Resistance is at 72.73-72.85 levels.

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Source : Equity Bulls

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