Rupee - March 4, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated for the first time in 3 sessions as the U.S. Dollar continued to move higher this Thursday afternoon trade.

Meanwhile, regional currencies were weak this Thursday afternoon and weighed on sentiments.

However, corporate dollar inflows from capped the depreciation bias of the local unit.

The Rupee ended at 72.83 to the dollar against 72.71 in the previous session. The domestic unit traded in a wide 72.60 to 73.03 band this Thursday.

The one-year forward premium was at 3.53 rupees against 3.63 rupees in the previous session.

Technically, the USDINR spot pair range in the short term is 72.50-73.25.

Meanwhile, the Dollar Index was trading with gains this Thursday afternoon trade extending yesterday's rebound as a rise in U.S. Treasury yields lent support ahead of a speech by Federal Reserve Chairman Jerome Powell tonight that could determine the trend for global bond markets and currencies.

Buy before the speech we have the jobless claims number which have an impact on the markets.

The British pound and the Euro weakened against the Dollar this Thursday afternoon trade.

The safe haven Yen was also weakened against the Greenback to 8-month low this Thursday afternoon trade.

Source : Equity Bulls

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