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The rupee (INR) has opened the session with a gain, at 76.30 versus yesterday’s close of 76.66 against the dollar (USD). On the upside, the nearest hurdle is the price band between 75.9 and 76. From the current market price, the supports are spotted at 76.6 and 76.85
The Indian currency appreciated yesterday by about 0.2 per cent. It closed the session at 76.66 against the prior close of 76.83. The local currency gained even as the Foreign Portfolio Investments (FPI) were net sellers yesterday. The net outflow of FPI stood at ₹1326 crore (equity and debt combined).
Dollar index:
As the dollar index sustains above 100, the likelihood of appreciation looks more. Currently trading at 100.5, the index is hovering around the upper boundary of the range between 99.7 and 100.5. If it breaks out of that level, it can rally to 101.
Trade strategy:
The rupee, after opening with a gap-up, has gone above the resistance at 76.3. Hence, one can take bullish positions for intraday. Traders can initiate fresh rupee longs with stop-loss at 76.5
Supports: 76.6 and 76.85
Resistances: 76 and 75.9
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