2025-10-31 10:15:06
Latest Post
Navin Fluorine International Ltd approves capex
Purest gold, silver products in 10 minutes: MMTC-PAMP partners with Swiggy Instamart
Cosmo Plastech Expands Rigid Packaging Solutions for the Pharmaceutical Industry with PET Sheets
IPO Note - Lenskart Solutions Ltd - Reliance Securities
IndiGo expands its Middle East footprint with new Bengaluru-Riyadh direct flights, starting 16 November 2025
Market Commentary
Rupee Wrap - Feb 2, 2022 - Reliance Securities
Posted On : 2022-02-02 22:44:33( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee ended flat to weaker against the U.S. currency on Wednesday.
The Indian Rupee ended flat on Wednesday against the U.S. currency.
The Rupee ended at 74.84 compared with 74.79 in the previous session.
The unit had opened stronger at 74.76 but erased early gains to fall to the day's low of 75.01 on dollar bids by foreign banks.
Meanwhile, risk appetite in the region improved, while the domestic equity markets continued to extend gains while most EM and Asian peers were stronger on Wednesday and capped depreciation bias of the domestic unit.
NDF is at 74.72/72 this Wednesday evening vs a close at 74.72 in the previous session.
Indian bond yields surged higher on Wednesday for the 2nd consecutive session with the new benchmark 6.54% bond ending at 6.88%, the highest since July 1, 2019, versus 6.83% close on Tuesday.
Technically, the USDINR Spot pair ended above 100-Daily Moving Average places at 74.75 levels and a sustained trade above the level continue to push the pair towards the resistance zone at 74.92-75.22 levels. A break below could pull the pair to the resistance zone at 74.25-74.15 levels.
The USDINR Spot pair could trade in a range of 74.55-74.98 levels in the intraday session.
The U.S. Dollar fell this Wednesday evening in Asian trade as Federal Reserve officials pushed back against aggressive rate hikes this year, lifting risk appetite.
Technically, the Dollar Index holds a support zone near $96.00-$95.75 levels. Resistance is at $96.40-$96.65 levels.
The Euro surged higher this Wednesday evening in Asian trade as euro zone inflation rose to a new record last month fuelling bets the European Central Bank might raise interest rates sooner than expected.
At 5.1% in January, price growth is more than twice the ECB's 2% target.
The Sterling and the Yen too strengthened against the U.S. Dollar this Wednesday evening in Asian trade.
