Rupee - August 2, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat against the U.S. dollar on Tuesday.

Markets remained range bound as positive Asian cues offset speculative dollar long interest by foreign banks.

The Rupee ended at 74.19 compared with 74.21 in the previous session.

The Rupee initially strengthened to an intraday high 74.11 supported by the strength in regional counterparts that appreciated taking cues from equities.

Technically, the USDINR Spot pair ended flat but with a negative crossover of 21*50 Daily Moving Average and is sustaining below 74.30 levels indicating a sideways to marginal downside momentum up to 74.00-73.80 levels. Resistance is at 74.25-74.40 levels.

The USDINR Spot pair could trade in a range of 74.05-74.35 levels in coming session.

The Dollar Index was steady on Tuesday afternoon trade in Asia amid lack of fresh triggers.

Technically, the Dollar Index is below $93.00 and could see some downside correction up to $92.80-$92.55 levels. Resistance at $93.30-$93.55 levels.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.

Source : Equity Bulls

Keywords