Rupee Wrap - Dec 24, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. Dollar for a 5th straight session on Friday and was strong for the week as foreign banks sold the greenback on behalf of exporters and broader dollar weakness.

The Rupee ended at 75.02 per dollar against 75.24 in the previous session.

Most Asian currencies gained, while U.S. equities reached record highs following upbeat economic data and lent support.

Investors will look to cues from the RBI's FX reserves due after market hours.

Indian government bond yields ended flat on Frida with the benchmark 6.10% bond ending at 6.46%, unchanged against previous close.

NDF is at 74.97/98 this Friday evening vs a close at 74.95 in the previous session.

Technically, the USDINR Spot pair on weekly chart has formed a long Bearish Candlestick which is a sign for Bearish Reversal and could witness a downside pressure up to 74.45-73.90 levels in the coming week. Resistance is at 75.15-75.56 levels.

The USDINR Spot pair could trade in a range of 74.45-75.60 levels in coming week.

The U.S. was shut today on account of Christmas holiday extended weekend.

The Euro, the Sterling and the safe haven Yen was flat this Friday evening trade.

Trading volume for other currencies could remain thin as major players remain away, so the currency market is expected to remain choppy.

Source : Equity Bulls

Keywords

Rupee RelianceSecurities CurrencyUpdate