2025-03-18 00:52:47
Latest Post
RITES Ltd receives addendum to contract agreement
Lemon Tree Hotels signs a new property in Bokaro
Trishakti Industries Limited partners with MYCRANE
Explosion at Triveni Engineering & Industries Ltd's CO2 plant
Empamore by Morepen: Revolutionizing Diabetes Care with Affordable, High-Quality TreatmentMarket Commentary
Rupee - October 20, 2021 Outlook - Reliance Securities
Posted On : 2021-10-20 08:54:05( TIMEZONE : IST )
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 were shut on Tuesday for a local holiday.
The U.S. Dollar eased Tuesday even as the benchmark treasury yields continued to move higher as investors bet the Federal Reserve may need to increase rates to address high inflation.
The Indian Rupee could open stronger this Wednesday morning against the dollar, tracking a fall in the greenback.
The Rupee could open around 75.10-75.15 in initial trades compared with 75.34 in the previous session.
However, crude continues to remain firm while the strengthening of the bond yields amid expectations of withdrawal of stimulus from the Fed will cap appreciating bias.
NDF is at 75.05/07 this Wednesday morning vs. a close of 75.05 on Tuesday.
EM and Asian currencies have started mixed against the Dollar this Wednesday morning.
Technically, the USDINR Spot pair has bounced back from 75.25 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.
The U.S. Dollar has started flat this Wednesday morning in Asian trade.
On the charts, the Dollar Index resistances are at $93.95 and $94.20. Supports are at $93.58 and $93.49.
The Euro and the Sterling have started stronger against the dollar this Wednesday morning in Asian trade.
The Yen has started marginally weaker against the Greenback this Wednesday morning.
Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment / trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.