Rupee Wrap - Dec 30, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. Dollar on Thursday supported by continuous dollar sales from foreign banks and equity-related inflows.

The Rupee ended at 74.41, appreciating by 0.4% this Thursday, its strongest since November 24, compared with 74.74 close in the previous close.

Most Asian currencies gained despite a stronger dollar this Thursday and lent support to the local unit.

Indian bond yields ended marginally higher on Thursday.

The benchmark 6.10% bond ended at 6.47%, compared with and a yield of 6.46% close in the previous close.

Technically, the USDINR Spot pair has settled below an important pivot of 74.44 and another sustained trade below will pull the pair to the support zone at 74.30-74.11. A break below the support zone will eventually pull the pair to 73.85. Resistance zone is at 74.60-74.80 levels.

The dollar rose against major rival currencies in holiday-thinned trading on Thursday afternoon trade in Asia, as investors remained cautiously optimistic about the economic consequences of a surge in cases of the Omicron coronavirus variant.

Investors will look to cues from jobless claims data due tonight.

Technically, the Dollar Index range for this Thursday's session is from 95.77-96.45.

The Euro, the Sterling and the safe haven Yen was weaker this Thursday afternoon trade.

Source : Equity Bulls

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