Rupee Wrap - June 1, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the dollar on Wednesday even as slightly weak domestic GDP data may not pause a RBI's tightening which in turn may not plug activities.

The Rupee ended at 77.52/dollar compared with 77.64 close on Tuesday.

Dollar sales by some banks also boosted the local currency.

Meanwhile, India's key BSE Sensex share index fell 0.3% and Asian and EM peers were weak and kept Rupee's gains in check.

NDF is currently trading at 77.50/54 this Wednesday afternoon vs. a close at 77.59 on Tuesday.

Thursday's range for the USDINR pair remains between 77.41-77.76.

Indian bond yields ended little changed with the benchmark 6.54% bond ending at 7.41% against 7.42% close on Tuesday.

The U.S. Dollar Index is trading flat to marginally higher this Wednesday afternoon in Asian trade lifted by higher Treasury yields as global inflation worries flared again.

The Euro, the Sterling and the Yen is trading flat to marginally weaker against the Greenback this Wednesday afternoon.

Rest of the session range for the Dollar Index is $101.50-$102.40.

Source : Equity Bulls

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