Rupee - Sep 14, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat against the dollar this Tuesday ahead of inflation data from the world's largest economy that may provide more cues on the U.S. Federal Reserve's taper timeline.

The Rupee ended at 73.68, compared with 73.67 in the previous session.

However, weak risk appetite in the global equity markets and weaker EM and Asian currencies kept the currency appreciation bias limited.

Meanwhile, Regional equities closed mixed, while the benchmark BSE Sensex added 0.1%.

Technically, the USDINR Spot pair has bounced back from 200-Daily Moving Average which is placed at 73.57 level where breakout above 73.70 will continue its bullish momentum up to 73.88-74.00 levels. Support is at 73.40-73.25 levels.

The USDINR Spot pair could trade in a range of 73.40-73.80 levels in the coming session.

On the international front, the U.S. Dollar Index is flat this Tuesday afternoon trade ahead of U.S. inflation data for August, due later today.

According to a Reuters poll it is expected to show overall consumer price inflation dipping slightly to 5.3% last month from 5.4% in July, while Core CPI, is likely to have risen 0.3% in August from July.

Technically, the Dollar Index could see sideways to marginal upside momentum where it holds a support at $92.36-$92.20 levels. Resistance is at $92.85-$93.08 levels.

Source : Equity Bulls

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