Rupee - April 27, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. Dollar this Tuesday, supported by a rebound in local equities and exporters' dollar sales.

The Rupee ended at 74.65 compared with 74.72 in the previous session.

India's benchmark BSE Sensex ended 1.2% higher, extending yesterday's gains.

The one-year forward premium was at 3.55 rupees, unchanged against previous session.

Technically, the USDINR Spot pair holds a support of 21-Daily Moving Average at 74.44 levels from where a bounce back can be expected up to 74.75-74.90 levels. USDINR Spot could trade in a range of 74.50-74.85 levels in coming session.

In the overseas prices, the dollar index was trading higher this Tuesday afternoon trade in Asia, while most Asian currencies were mixed.

However, trading in currencies was largely subdued, ahead of this week's Federal Reserve two-day meeting ending on Wednesday.

Technically, the Dollar Index is trading on a positive note but still remained marginally below 100-Daily Moving Average at $91.00 level which could pull the Index to $90.75-$90.60 levels. However, a break above the 100-DMA could push the Index to $91.35 levels.

Source : Equity Bulls

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