Rupee - March 26, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated on Friday amid greenback sales by exporters.

The Rupee ended at 72.51 to the dollar against 72.62 in the previous session.

However, for the week the currency remained flat this week against the U.S. currency FPI flows and greenback sales offset broad strength in the dollar.

Indian markets will remain closed on Monday for local holiday.

The one-year forward premium was at 3.82 rupees, against 3.81 rupees in the previous session.

Technically, the USDINR Spot pair has bounced back from its multiple support zones near 72.25-72.35 levels indicating for sideways momentum where resistance is at 72.65-72.90 levels.

In the overseas markets, the dollar remained firm this Friday afternoon trade buoyed by hopes over improving U.S. economic data and the availability of coronavirus vaccines.

Data on U.S. personal consumption due later on Friday will also be keenly awaited by traders.

Technically, the dollar Index has given a breakout above 200-Daily Moving Average at $92.60 levels which could further push the index towards to $92.88-$93.20 levels. Support is at $92.55-$92.25 levels.

Source : Equity Bulls

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