Rupee - Sep 30, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended weak on Thursday tracking the strength of the greenback on rising expectations the Federal Reserve will taper stimulus from November.

Additionally, the rupee also took cues from weak equity which ended weaker this Thursday.

However, further depreciation bias was capped as the international Brent crude prices eased this Thursday afternoon trade.

The Rupee ended at 74.23 to a dollar compared with 74.15 in the previous session.

Technically, if USDINR Spot pair trades above 74.20 levels, the markets could continue its bullish momentum up to the resistance zones at 74.45-74.50. A trade below 74.20 could pull the pair to the support zones at 74.10-73.95 levels.

In the overseas markets, the dollar hovered near its highest levels in a year against a basket of peers on Thursday on rising expectations the Federal Reserve will taper stimulus from November.

Markets could look to cues GDP data from the U.S. for further cues.

Technically, the Dollar Index has given a breakout above $94.00 levels indicating a bullish momentum could continue up to $94.55-$94.70 levels. Support is at $94.00-$93.85 levels.

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Source : Equity Bulls

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