Rupee - Oct 18, 2021 - Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated against the U.S. dollar on Monday, weighed down by a rise in Brent crude to fresh multi-year highs and the strength of the dollar index.

The Rupee ended at 75.34 to a dollar compared with 75.26 in the previous session.

The local unit traded between 75.25 and 75.38 in the session. Importer hedging kept appreciating bias capped while a rise in local equities kept depreciating bias capped.

Most other Asian and EM currencies also weakened this Monday, tracking the strength of the dollar.

India's forex markets will be closed tomorrow for a local holiday.

Technically, the USDINR Spot pair has bounced back from 74.86 level and ended on a bullish note above 75.30 indicating an upside momentum up to 75.55-75.75 levels. Support is at 75.20-75.00 levels.

In the overseas markets, the dollar index continued to move higher this Monday early evening trade in Asia as rising inflation expectations and higher bond yields boosted its appeal against its rivals.

Technically, the Dollar Index has bounced back from 21-Daily Moving Average at $93.87 level above which could witness upside momentum up to $94.22-$94.60 levels. Support is at $93.87-$93.68 levels.

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Source : Equity Bulls

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