Rupee - Sep 16, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended flat against the U.S. dollar as fresh highs in local equities offset dollar demand from importers.

The Rupee ended at 73.52 against the dollar compared with 73.49 in the previous session.

The unit briefly appreciated to an intraday of 73.36 earlier in the session aided by foreign inflows, but gave up most of its gains tracking the strength of the dollar.

Technically, the USDINR Spot pair has bounced back from 73.33 levels and a sustained above 73.50 could see the bullish momentum continue up to 73.66-73.80 levels. Support is at 73.45-73.30 levels.

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

In the overseas markets, the dollar index rebounded this Thursday afternoon trade in Asia as traders looked to next week's Federal Reserve policy meeting for indications on how soon the U.S central bank will start to taper stimulus.

The Fed meeting is next week, however investors will look to cues from U.S. data tonight with retail sales, Philadelphia Fed manufacturing index and jobless claims expected to be released tonight.

EM and Asian currencies were broadly weaker.

Technically, the Dollar Index above $92.70 level could see sideways to marginal upside momentum where it holds a support at $92.40-$92.10 levels. Resistance is at $92.95-$93.10 levels.

Source : Equity Bulls

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