Rupee - May 4, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated for the 2nd successive session against the U.S. Dollar this Tuesday as traders trimmed their dollar long positions.

However, a rebound in the dollar index and losses in local equities appreciation bias of the local unit.

The Rupee ended at 73.85 compared with 73.92 in the previous session.

Meanwhile, the one-year-forward premium jumped to 4.01 rupees this Tuesday, the highest since August 2016, supported by expected flows into the equity markets.

Technically, the USDINR Spot pair supports are at 73.75 and 73.61. Resistances are at 73.95 and 74.10.

The U.S. dollar index was trading higher against the basket of currencies this Tuesday afternoon trade supported by upbeat U.S. economic recovery while investors awaited upcoming data and policy speeches for fresh clues.

Technically, the Dollar Index supports are at $91.15 and $90.98. Resistances are at $91.50 and $91.72.

Source : Equity Bulls

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