Rupee - March 31, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. Dollar this Wednesday as the U.S. Dollar gave up morning gains, while bond yields softened ahead of the Biden administration release of the Infrastructure plan.

The Rupee ended 73.11 to the dollar against 73.38 in the previous session.

Meanwhile, the currency appreciated almost 8% this March aided by robust investment and portfolio inflows.

Technically, the USDINR Spot pair did was unable to cross above 73.60 level and has given a breakdown below 100-Daily Moving Average at 73.21 levels indicating a sideways momentum in the range of 72.80-73.30 levels in coming session.

Meanwhile, the Government likely to announce borrowing plan for April-September, additionally, the Government is scheduled to release April-February fiscal deficit data.

RBI is also likely to release October-December current account data.

Indian currency markets will be shut on Thursday and Friday on Annual Bank Closing and Good Friday holiday respectively.

In the international markets, the Dollar was trading marginally in the red this Wednesday afternoon trade.

President Joe Biden is set to outline later tonight how he intends to pay for a $3-$4 trillion infrastructure plan.

Investors also await the U.S. employment report for March, including non-farm payrolls, due out on Friday. A precursor to the nonfarm payrolls is the ADP Nonfarm Employment Change for the month of March is due tonight.

Technically, the Dollar Index could see some resistance near $93.45-$93.66 levels. However, the support is at $93.09-$92.93 levels.

International markets will be shut on Friday on Good Friday holiday.

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Source : Equity Bulls

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