Rupee - Feb 16, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat against the U.S. currency on Tuesday, as importers' greenback purchases offset the impact of a weak dollar index.

The Rupee ended at 72.69, unchanged against the previous session. The local unit had weakened to an intraday low of 72.80 earlier in the session.

The U.S. Dollar struggled at a three-week low on Tuesday afternoon trade as growing optimism about the outlook of the global economy pushed investors towards riskier asset classes.

Asian currencies also appreciated against the Dollar this Tuesday and lent support.

Meanwhile, the U.S. Federal Reserve is scheduled to release the minutes from the Federal Open Market Committee's January meeting on Wednesday.

The one-year forward premium was at 3.74 rupees against 3.78 rupees in the previous session.

Technically, the USDINR Spot pair traded in a narrow range within 72.65-72.80 levels where below 72.90 could see downside pressure up to 72.60-72.48 levels. Resistance is at 72.85-73.00 levels.

Source : Equity Bulls

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