Rupee - Oct 13, 2021 - Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. dollar for the first time in 4 sessions supported by strong local equities and a pullback in the dollar index.

The Rupee ended at 75.37 compared with 75.51 in the previous session.

The Rupee was also helped by strong regional currencies which appreciated against the dollar this Wednesday.

Additionally, the local unit was helped by easing domestic inflation. The country's retail inflation eased for the fourth straight month, dropping to 4.35% in September from 5.30% in August and could enable the Reserve Bank of India's Monetary Policy Committee to stay accommodative for longer and support growth.

Technically, the USDINR Spot pair supports are 75.25 and 75.15 and resistances are at 75.55 and 75.75.

In the overseas markets, the dollar index eased this Wednesday afternoon trade in Asia, while the 10-year U.S. Treasury yield also eased ahead of the CPI data and FOMC minutes.

Technically, the Dollar Index resistances are at $94.65 and $94.82. Supports are at $94.27 and $94.00.

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Source : Equity Bulls

Keywords

INR Rupee Oct132021 RelianceSecurities