Rupee - June 7, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the Dollar on Monday as investors' concerns eased that the U.S. Federal Reserve would tighten its current dovish monetary policy after a weaker-than-expected U.S. non-farm payroll report.

The Rupee ended at 72.8000 compared with 72.9950 in the previous session.

India's benchmark BSE Sensex ended higher and also lent support to local unit this Monday.

The one-year forward premium was at 3.17 rupees, against 3.23 rupees in the previous session.

Technically, the USDINR Spot pair is sustaining below it 21 Days Moving Average at 73.00 level indicating a sideways momentum where support is at 72.70-72.55 levels. Resistance is at 73.00-73.20 levels.

The USDINR Spot pair could trade in a range of 72.65-73.00 levels in coming session.

The Dollar Index edged up this Monday afternoon trade in Asia as investors' look to data for further guidance.

Technically, the Dollar Index is trading above $90.00 and could see a bullish momentum up to $90.25-$90.38 levels. Support is at $90.07-$89.90 level.

U.S. inflation data and the European Central Bank meeting are scheduled for this week.

China's Yuan remained steady this Monday, along with most Asian currencies.

Source : Equity Bulls

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