Rupee Wrap - April 5, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the U.S. Dollar on Tuesday supported by data showing offshore funds returning into domestic equities.

The Rupee ended at 75.32 on Tuesday, the strongest close since February 25, and compared with 75.54 close on Monday.

Foreign investors have bought a net $1.34 billion of local shares so far this month, according to data from the NSDL.

Asian and EM peers were broadly stronger and lent support while the markets also shrugged off strong crude oil prices.

NDF is at 75.24/30 this Tuesday evening vs a close at 75.37 on Monday.

Indian government bond yields ended flat as market participants awaited fresh triggers. The benchmark 6.54% settled at 6.90%, unchanged against yesterday's close.

Technically, if the USDINR Spot pair sustains below 75.30 levels we could witness the pair fall to the support zone at 75.18-75.03. However, a trade above could push the pair back to the resistance zone at 75.44-75.60.

The Dollar Index was flat this Tuesday evening in Asian trade.

The Euro, the Sterling and the Yen was flat against the U.S. Dollar this Tuesday evening.

Technically, if Dollar Index trades above $99.00 it could witness a bullish momentum up to the resistance zone at $99.15-$99.40. However, a trade below could pull the Index to the support zone at $98.85-$98.60.

Source : Equity Bulls

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