Rupee - July 13, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated for the 3rd straight session against the Dollar, tracking the strength in regional currencies and equities ahead of U.S. inflation data.

Flows related to the upcoming IPO aided sentiments.

The Rupee ended at 74.49 against 74.57 in the previous session.

India's benchmark BSE Sensex and NSE nifty ended 0.76% higher this Tuesday.

Technically, the USDINR Spot pair supports remain at 74.40 and 74.25. Resistances remain at 74.60 and 74.75. The USDINR Spot pair trade in a range of 74.40-74.80 levels.

In the international markets, the Dollar Index was flat against the basket of currencies this on Tuesday afternoon trade ahead of U.S. inflation data tonight.

Rise in covid-19 cases, especially the Delta variant has kept downside limited in the dollar.

Meanwhile, investors also await the Fed Chairman Jerome Powell testimony before Congress this week.

Technically, the Dollar Index is sustaining above 21-Daily Moving Average at $92.05 levels and above $92.30 could further push the index to $92.44-$92.60 levels. Support is at $92.25-$92.10 levels.

Source : Equity Bulls

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