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BL Research Bureau
The rupee (INR) bounced off the support of 73.40 last session and settled 13 paise higher in previous session against the dollar (USD). The domestic currency closed right on the resistance level of 73.25.
But today, carrying yesterday’s positive bias, INR opened with a gap-up at 73.17 versus Tuesday’s close of 73.25. It is now inched above the hurdle at 73.15, increasing the possibility of INR touching 73. A breakout of 73 can intensify the rally, but it can be not easy. On the other hand, if the local currency weakens, it can find support at 73.25. Subsequent support is at 73.50.
The foreign inflows were positive on Tuesday where the foreign portfolio investors (FPI) net investments stood at ₹571 crore (equity and debt combined). This has taken the total net inflows in the first two sessions of the week to ₹3,710 crore. Strong inflows can help rupee gain against the greenback.
Dollar index
The rally in the dollar index was capped by the resistance at 90.50 and consequently, it declined and closed yesterday session at 90.09 versus preceding day’s close of 90.46. The index has opened flat today and it is currently hovering around the key level of 90, where the 21-day moving average lies. While 89.80 can be the nearest support, a breach of this level can drag the index towards 89.30. This can be favourable for the Indian currency.
Trade strategy
After opening the session with a gap-up at 73.17, it has inched up and is currently trading at 73.10. Even though the rupee trades with bullish bias, it has an immediate resistance at 73 and hence traders should tread with caution.
Supports: 73.25 and 73.50
Resistances: 73.00 and 72.75
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