Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
The rupee (INR) managed to hold onto the support at 71.4 even though it faced some pressure against the dollar (USD) on Friday. After weakening in the first part of the session, the domestic currency began appreciating and closed at 71.2 against 71.29, its previous close.
Though there is a resistance at 71.2, chances for rupee appreciation is more as long as it trades above the support at 71.4. Above 71.2, the resistance is at 71. On the other hand, if the local currency declines, 71.4 and 71.6 will act as key support.
After closing with a loss for five consecutive days, the dollar gained on Friday and as a result, the dollar index closed in the green. After making a low of 97.2, it ended the session at 97.66 versus its previous close of 97.37. The index is currently hovering around the resistance at 97.67. If the dollar attracts more buying, the index can be expected to advance to 98. We can also observe that the 21- and 50-DMAs coincide with that level, making it more significant. Alternatively, if bears regain strength, it may retest the support at 97.4.
Today, the rupee has opened slightly higher at 71.27 versus its previous close of 71.2. The rupee is trading above the key level of 71.4 whereas the dollar index is trading around a resistance. Thus, one can approach the Indian currency with bullish bias.
Since we cannot reject the possibility of rupee retesting the support at 71.4, traders are recommended to wait and initiate rupee longs if the exchange rate of USDINR reaches 71.35 with 71.6 as stop-loss.
But in case if the local currency decisively breaks out of the resistance at 71.2 straightaway, without retesting the support at 71.4, rupee longs can be initiated with a tight stop-loss.
Supports: 71.4 and 71.6
Resistances: 71.2 and 71
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Option price falls more than it rises for the same change in underlying
A long-term vacation here is worth a check-in
The fund delivered a return of 31.5% in 2020 compared with the category’s 15.5%
Care Health Insurance’s new rider offers no great benefit. We review its pros and cons
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
With strokes of quirky humour, Partha Pratim Deb uses pulp, terracotta, glass and discarded cloth to create ...
Given the events in Washington DC on January 6, this week’s quiz is all about buildings that house or housed ...
While good writing wars against the cliché, television gives it a natural home
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor