Rupee - April 28, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. Dollar tracking supported by the strength in local equities and foreign fund inflows.

The Rupee ended at 74.35 compared with 74.65 in the previous session.

Hopes that the second Covid-19 wave in the country will peak by the next month and dollar selling by foreign banks also aided sentiments.

Technically, the USDINR Spot pair ended below 21-Daily Moving Average at 74.45 levels and now could see a downside pressure up to 74.28-74.10 levels. Resistance is at 74.48-74.65 levels. The USDINR Spot pair could trade in a range of 74.25-74.65 levels in coming session.

In the overseas markets, the U.S. dollar edged higher this Wednesday afternoon session ahead of a U.S. Federal Reserve policy statement and a speech by Joe Biden later in the day.

Technically, the Dollar Index supports are at $90.75 and $90.60. Resistances are at $91.15 and $91.35.

Source : Equity Bulls

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