Rupee - August 3, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated marginally for the 2nd straight session against the U.S. dollar this Tuesday tracking gains in the uptick in local equities and a weak dollar.

The Rupee ended at 74.28 compared with 74.34 in the previous session. The unit had opened at 74.36 and moved in a 14-paise band this Wednesday.

Meanwhile, the local unit also took support from strengthening regional currencies and easing crude oil prices.

Apart from the July jobs report, markets could also take cues from the RBI's monetary policy meeting this Friday.

Technically, the USDINR spot pair is sustaining below 74.35 levels indicating a sideways to marginal downside momentum up to 74.16-74.00 levels. Resistance is at 74.30-74.45 levels.

The Dollar Index was flat to marginally weaker this Tuesday but remained in tight trading ranges, with traders reluctant to take strong positions ahead of the release of key U.S. employment data at the end of the week.

Technically, the Dollar Index is trading below $92.00 level where further could see $91.50-$91.20 levels. Resistance is at $92.10-$92.33 levels.

Source : Equity Bulls

Keywords