Rupee - March 25, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated against the dollar for the 3rd straight session as the greenback continued to strengthen, while local equity markets fell for a 2nd straight day further weakened sentiment.

The Rupee ended at 72.62 against 72.56 in the previous session. Earlier in the session, it had weakened to an intraday low of 72.69.

The BSE Sensex tumbled 1.51%, while the broader Nifty Index fell by 1.54% this Thursday, after having fallen yesterday amid worries that a rise in Covid cases could prompt lockdowns.

Meanwhile, Asian currencies were mostly weaker after the dollar index extended gains this Thursday afternoon trade and weighed on sentiments.

Technically, the USDINR Spot pair held support at 72.50; however, a breakout above 72.80 will be awaited for further upside movement. Range will be 72.50-72.80 for tomorrow's expiry day.

Technically, the dollar Index is near the 200-Daily Moving Average at $92.60 levels and above the level will push the Index to $92.85-$93.20 levels. Support is at $92.25-$91.75 levels.

Source : Equity Bulls

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