Rupee - July 9, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated on Friday and 1st weekly rise in six against the U.S. dollar supported by expectations of inflows from initial public offerings.

However weak risk mood in the region capped further appreciation bias.

The Rupee ended at 74.64 per dollar compared with 74.71 in the previous session. The unit strengthened by 0.1% this week after weakening by an aggregate of 3.1% in the last five weeks.

Meanwhile, regional currencies were mixed on Friday but remained weak against the U.S. dollar for the week due to concerns over the Delta coronavirus variant.

Several Asian economies such as Indonesia, Malaysia, Thailand, and Japan have started to implement more stringent measures to prevent the spread of the virus.

Technically, the USDINR spot pair 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. Immediate hurdle remains at 74.90.

The Dollar Index is trading marginally weaker this Friday afternoon trade in Asia, but downside remained capped as broader sentiment remained weak thanks to a spike in coronavirus cases globally.

Technically, the dollar index resistance is $92.60 and $92.85 and a break above will push the index to $93.20 levels. Key support is at $92.15 and break below will pull the index to $91.70 levels.

Source : Equity Bulls

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