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Market Commentary
Rupee Wrap - Jan 28, 2022 - Reliance Securities
Posted On : 2022-01-28 23:00:46( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee ended marginally stronger against the U.S. Dollar on Friday as importers' dollar demand trimmed the impact of flows related to IPO and a rebound in equities.
However, for the week the Rupee ended weak against the U.S. Dollar tracking the strength of the greenback which rose this week amid prospects of aggressive interest rate hikes by the Federal Reserve.
The Rupee ended at 75.04 compared with 75.07 close on Thursday.
For the week, the Rupee depreciated by 0.8%, its worst slide since November 26, and extended last week's 0.4% decline.
Most Asian currencies were weak on Friday, while crude prices were stronger this Friday afternoon trade and weighed on sentiments.
Meanwhile, NDF is currently trading at 75.08/09 this Friday evening trade vs a close at 75.21 in the previous session.
Indian bond yields gained on Friday with the new benchmark 6.54% bond maturing ending at 6.77%, compared with 6.75% close on Thursday.
Technically, the USDINR Spot pair took a strong support of 50-Daily Moving Average at 74.85 levels and above 75.00 level will continue its bullish momentum up to 75.20-75.38 levels. Support is at 74.95-74.80 levels.
The USDINR Spot pair could trade in a range of 74.85-75.30 levels in the intraday session.
The U.S. Dollar was trading marginally stronger on Friday evening trade was on track for its biggest weekly rise in 7 months as expectations of higher interest rates fuelled the dollar's gains.
Investors will look to cues from the Fed favoured PCE Price Index, a gauge of inflation data tonight.
Technically, the Dollar Index has given a strong breakout above $96.90 levels and further upside could push the Index to the resistance zone at $97.55-$97.90 levels. Support zone is at $97.05-$96.88 levels.
The Euro, the Sterling and the safe haven Yen are trading flat this early Friday evening in Asian trade.