Rupee Wrap - March 29, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. Dollar aided by gains in Asia's equity and currency markets ahead of the outcome of key peace negotiations to discuss a ceasefire of the Russia-Ukraine conflict.

The Rupee ended at 75.98 its strongest since March 17 and compared with 76.16 Monday.

A fall in crude oil prices and weaker dollar also aided sentiments.

Meanwhile NDF is at 75.98/76.10 this Tuesday evening vs a close at 75.96 close on Monday.

Indian bond yields ended lower on Tuesday with the benchmark 6.54% ending at 6.82%, against 6.84% yesterday.

Technically, if the USDINR Spot pair trades below the 76.00 levels it could witness a bearish momentum up to the support zone at 75.85-75.75. However, a trade above could push the pair to the resistance zone at 76.10-76.25.

The U.S. Dollar is trading weaker this Tuesday evening in Asian trade.

The Euro and the Pound Sterling recovered this Tuesday evening in Asian trade, while the Yen also rebound this Tuesday evening.

Technically, if Dollar Index trades below $98.85 levels it could witness a bearish momentum up to the support zone at $98.45-$98.25. However, a trade above could push the Index to the resistance zone at $99.10-$99.50.

Source : Equity Bulls

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