Rupee - June 3, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated on Thursday tracking gains in the domestic equity market even as investors looked ahead to U.S. economic data to gauge the future path of monetary policy.

The Indian Rupee ended at 72.96 per dollar. It opened 8 paisa lower at 73.16 per dollar against previous close of 73.08.

The Sensex and the Nifty ended with solid gains on Thursday.

Domestic investors will also await cues from the MPC meeting tomorrow.

Technically, the USDINR Spot pair took a resistance near 100-DMA at 73.30 level and has witnessed a breakdown below 73.00 level indicating for sideways to bearish momentum up to 72.75-72.50 levels. However, a bounced back above 72.90 could again activate the bullish momentum up to 73.08-73.20 levels.

The U.S. Dollar was trading flat this Thursday afternoon trade in Asia.

On the data front, investors now await U.S. initial jobless claims due late in the day, and non-farm payrolls to be released on Friday.

The Dollar Index is still holding a resistance of 21-DMA $90.12, above the level could push the index to $90.36-$90.77 levels. Support is at $89.88-$89.70 levels.

Source : Equity Bulls

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