Rupee - April 29, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. Dollar for the 4th straight session this Thursday supported by the continuation of ultra-loose monetary policy and as the Fed chairman Powell quashed talks for tapering bond purchases and kept the Dollar near March lows.

The Rupee ended at 74.04 compared with 74.35 in the previous session.

Regional currencies were stronger against the U.S. Dollar and also lifted sentiments.

Technically, the USDINR Spot pair has given a sharp correction and ended near 74.00 levels. Supports are at 73.90 and 73.85 levels. Resistances are at 74.12-74.22 levels. The USDINR Spot pair could trade in a range of 73.90-74.15 levels.

In the overseas markets, the U.S. dollar witnessed a rebounded this Thursday afternoon trade, tracking a rebound in the bond yields.

Markets now could track the release of the U.S. GDP and jobless claims data due later.

Technically, the Dollar Index supports are at $90.60 and $90.40. Resistances are at $90.75 and $90.85.

Source : Equity Bulls

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