Rupee Wrap - April 6, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee depreciated on Wednesday against the dollar in line with the selloff in global markets as the U.S. Treasuries surged higher ahead of the release of the Federal Reserve's last month meeting minutes.

The Rupee ended at 75.76 a dollar from 75.32 close on Tuesday.

Asian equities and currencies were broadly weaker today, while the crude oil staged a recovery this Wednesday and weighed on the local unit this Wednesday.

NDF is at 75.74/79 this Wednesday evening vs a close at 75.35 on Tuesday.

Investors will await cues from RBI's and FOMC monetary policy meeting minutes today.

Indian government bond yields rose, tracking a spike in U.S. Treasury yields.

The benchmark 6.54% bond ended at 6.92%, the highest since Jun. 26, 2019, against yesterday's close of 6.90%.

Technically, the USDINR Spot pair could trade in broad range of 76.15 to 75.45 in the coming couple of sessions.

The U.S. Dollar is trading higher this Wednesday evening in Asian trade as investors will look to cues from the FOMC monetary policy meeting minutes.

Technically, the Dollar Index could trade in a broad range of $99.00-$99.80.

The Euro, the Sterling are trading marginally higher, while the Yen struggled against the greenback this Wednesday.

Source : Equity Bulls

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