Market Commentary

Rupee Wrap - Jan 7, 2022 - Reliance Securities

Posted On : 2022-01-07 21:57:21( TIMEZONE : IST )

Rupee Wrap - Jan 7, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated on Friday against the U.S. Dollar tracking a rebound in regional equities.

For the week, the Rupee ended flat against the dollar as fund flows offset worries over an early interest rate lift-off by the Federal Reserve. Additionally, weaker Asian and EM peers and stronger Crude oil prices this week also kept appreciation bias limited.

The Rupee ended at 74.31 compared with 74.49 at close yesterday.

The Rupee had appreciated by 2.3% in the last two weeks. Technically, the USDINR Spot resistances are at 74.53 and 74.76. Supports are at 74.16 and 74.02 levels for the coming week.

The U.S. Dollar was flat to marginally weak in early evening European trade on Friday ahead of the important nonfarm data.

Technically, Dollar Index resistances are at 96.53 and 96.91. Supports are at 95.88 and 95.69 levels for the coming week.

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

Source : Equity Bulls


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