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Market Commentary
Rupee Wrap - Feb 24, 2022 - Reliance Securities
Posted On : 2022-02-24 17:35:11( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee tumbled against the U.S. Dollar in a knee jerk reaction to the news reports in early Thursday's trade that Russia has invaded Ukraine.
The USDINR March futures witnessed continued depreciation throughout the day and tested the 76.00 mark this Thursday.
The Rupee ended at 75.65 this Thursday from 74.56 close in the previous session.
The Rupee also tracked other Asian currencies which also tumbled against the dollar.
Meanwhile, crude oil spike by almost 8% and fears that crude will continue this upward momentum and weigh on sentiments.
The U.S. and its allies will impose severe sanctions on Russia and possibly even personal sanctions on Russian President Putin.
However, obviously investors will await the impact of those sanctions.
NDF is at 75.52/62 this Thursday evening vs a close at 74.60 on Wednesday.
Indian bond yields rose after oil prices spiked as Russia attacked Ukraine and as traders remain wary ahead of a debt sale tomorrow.
The 6.54% bond ended at 6.76%, the highest since February 9, from 6.74%, close in the previous session.
Technically, if the USDINR spot pair sustains above 75.45 levels, it could continue its bullish momentum up to the resistance zone at 75.86-76.06. A trade below could pull the spot pair to the support zone at 75.24-74.82.
The USDINR Spot pair could trade in a range of 75.30-76.00 levels in coming session.
The U.S. Dollar rose against the basket of currencies on Thursday evening trade in Asia amid safe haven appeal for the greenback as Russia invaded Ukraine.
The Euro the Sterling was weaker against the dollar on Thursday evening trade in Asia, while the Japanese Yen was stronger against the dollar on Thursday evening.
Technically, if Dollar Index trades above $96.83 it could continue its upside momentum up to the resistance zone at $97.40-97.70. A trade below could pull the Index to the support zone at $96.55-96.00.
Investors await U.S. GDP and jobless claims data tonight.
