Rupee Wrap - March 30, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated for a 4th straight session against the dollar tracking Asian currencies on signs of progress in Russia-Ukraine peace talks

The Rupee ended at 75.91 compared with 75.98 close on Tuesday.

The local had strengthened to an intraday high of 75.66 in early trade also helped by a fall in the U.S. Dollar.

India's BSE Sensex share index rose about 1.28%, in line with the region's peers, and an overnight surge in U.S. equities and lent support.

However, by the end of the session the Rupee gave up early gains as crude oil revered yesterday's losses and was trading solidly higher this Wednesday evening session in Asia.

NDF is at 75.94/99 this Wednesday evening vs a close at 75.53 on Tuesday.

Indian bond yields ended lower as market participants awaited the government's borrowing calendar for the first half of the next financial year.

The benchmark 6.54% ended at 6.78% against 6.82% close on Tuesday.

Technically, the USDINR Spot pair has settled above an important intraday pivot of 75.84 levels and a sustained trade above could push the pair to the resistance zone at 76.01-76.12. However, a trade below could pull the pair back to the support zone at 75.73-75.56.

The U.S. Dollar is trading weaker this Wednesday evening in Asian trade as markets took a positive view on peace talks in Ukraine.

The Euro, the Pound Sterling and the Yen were stronger against the U.S. Dollar this Wednesday evening.

Technically, the Dollar Index is trading below an important intraday pivot of $98.09 levels and a sustained trade above could pull the Index to the support zone at $97.74-$97.46. However, a trade above could push the Index back up to the resistance zone at $98.37-$98.72.

Source : Equity Bulls

Keywords

RelianceSecurities RupeeWrap CurrencyUpdate INR