Market Commentary

Rupee Wrap - June 16, 2022 - Reliance Securities

Posted On : 2022-06-16 17:33:08( TIMEZONE : IST )

Rupee Wrap - June 16, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended steady, after trading in a small range against the dollar.

The Rupee ended unchanged at 78.07/dollar compared with Wednesday's close at 78.07/dollar.

Dollar purchases by importers capped potential gains for the local currency, but Asian currencies gained and capped depreciation bias for the local unit.

NDF is currently trading at 78.04-78.09/dollar this Thursday afternoon vs. a close at 77.83 close on Wednesday.

Friday's range for the USDINR pair is 77.93-78.17.

Indian bond yields ended higher with the benchmark 6.54% bond ending at 7.62% against 92 7.59% close on Wednesday.

The U.S. Dollar Index rebounded from the low in European trade Thursday, maintaining a positive tone as traders digested the Federal Reserve's policy decisions.

The Dollar also rose after the U.S. Federal Reserve's decision to raise interest rates aggressively fuelled concerns about a potential recession at a time when global economies are facing high inflation.

Investors will look to cues jobs data from the U.S. for further cues.

Rest of the session range for the Dollar Index is $104.66-$105.40.

The Euro, the Sterling have started flat to marginally weaker against the Greenback this Thursday afternoon in Asian trade.

Investors will look to cues from BoE meeting.

Rest of the session range for Euro is $1.0390-$1.0450, while rest of the session range for the Pound Sterling range is $1.2070-$1.2260.

The Yen has is flat to marginally stronger on Thursday afternoon.

Rest of the session range for the Japanese currency is 132.30-133.75 Yen.

Source : Equity Bulls


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