Rupee - August 4, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated for the 3rd straight session against the U.S. dollar, aided by inflows related to IPO's and positive regional cues.

The Rupee ended at 74.19 compared with 74.29 in the previous session. The unit had appreciated to an intraday high at 74.09 earlier in the session, its highest level since June 22.

However, likely intervention from the central bank of India capped further appreciation.

Meanwhile, Asian currencies appreciated against the U.S. dollar today, while gains in the local equity markets and subdued crude oil prices also aided sentiments.

Technically, the USDINR spot pair is trading below 74.25 levels indicating a sideways to marginal downside momentum up to 74.10-73.95 levels. Resistance is at 74.25-74.40 levels.

The Dollar Index was flat this Wednesday afternoon trade in Asia as investors awaited U.S. jobs data for a guide on the outlook for interest rates.

Additionally, investors will also await the ADP non-farm employment change for July, alongside the Institute of Supply Management (ISM) non-manufacturing PMI, due later in the day.

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

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