Rupee Wrap - July 4, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended marginally stronger against the tracking the weakness of crude oil and the strength of the local shares.

NSE Nifty 50 index settled up by 0.53% while the S&P BSE Sensex gained by 0.62% this Monday.

However, persistent outflows of foreign capital from the local markets kept appreciation bias limited.

Moreover, concerns over high inflation, a potential US recession, economic growth worries and concerns of widening trade deficit also added to the pressure.

The Rupee ended at 78.95/dollar on Monday from 79.045/dollar close on Friday.

The Rupee tested an intraday low of 79.06 this Monday.

Meanwhile, Asian and EM peers were weak this Friday afternoon trade and weighed on the local unit.

Most Asian and EM peers are mixed this Monday afternoon trade, while Asian equity markets gained this Monday.

NDF is currently trading at 78.90-78.95/dollar this Monday afternoon session.

In the overseas markets, the Dollar Index was marginally weaker this Monday afternoon session, but trading remained subdued on account of U.S. holiday.

The Euro and the Pound Sterling rebounded against the dollar this Monday afternoon trade in Asia. The Japanese Yen is trading with small losses this Monday afternoon trade.

Source : Equity Bulls

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