Rupee - August 17, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated for the first time in 3 sessions this Tuesday against the U.S. dollar, weighed down by oil-related dollar buying.

The Rupee ended at 74.35 against 74.25 in the previous session.

Indian bond and currency markets were closed yesterday for a local holiday.

The local unit continues to trade in a narrow range as investors await more clues on the U.S. monetary policy from the FOMC minutes tomorrow.

Markets will also look to cues from the U.S. retail sales data due later in the day as well as Fed Chairman's speech tonight.

Other Asian and EM currencies were weak this Tuesday and weighed on sentiments.

Technically, the USDINR Spot pair USDINR Spot has bounced back from 50-Daily Moving Average at 74.23 levels. However, the pair could still find resistance at 74.45. Breakout above 74.50 could once again push the pair to 74.80 levels. At the same time, below 74.30 could see a sideways momentum up to 74.20-74.00 levels.

The Dollar Index was flat to marginally higher this Tuesday afternoon trade in Asia.

Technically, the Dollar Index could see a sideways to marginal downside momentum up to $92.35-$92.15 levels. Resistance is at $92.85-$93.10 levels.

The Euro and the Pound Sterling was marginally weak this Tuesday afternoon trade in Asia, while the safe haven Yen was marginally stronger this Tuesday afternoon trade.

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Source : Equity Bulls

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