Rupee - July 8, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee weakened for a 3rd straight session against the U.S. dollar on Thursday, tracking broad losses in Asian currencies and equities.

The Rupee ended at 74.71 compared with 74.62 in the previous session.

Meanwhile oil-related dollar demand and hawkish Fed also weighed on sentiments.

The Fed minutes showed that policy makers wanted a more solid economic recovery before setting a timeline for trimming bond purchases.

However, the minutes also indicated that the officials acknowledged the need to plan for stimulus tapering.

Technically, the USDINR spot pair next immediate hurdle is at 74.90 levels and a trade above could push the pair to 75.10 levels. Support remains at 74.50 and only a close below the level will pull the pair to 74.25 levels, which remains a pivotal support for the pair in the short term.

In the overseas markets, the U.S. Dollar Index was weak against the basket of currencies on Thursday afternoon trade.

On the data front, the U.S will release the jobless claims data and could move the market this Thursday.

Technically, the dollar index supports are at $92.45 and $92.30. Resistances are at $92.75 and $92.90.

Source : Equity Bulls

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