The Indian rupee is expected to depreciate on Thursday amid strong dollar and risk aversion in global markets. Further, the rupee may slip on persistent FII outflows and surge in crude oil prices, said ICICI Direct.
The Indian rupee is expected to depreciate on Thursday amid strong dollar and risk aversion in global markets. Further, the rupee may slip on persistent FII outflows and surge in crude oil prices, said ICICI Direct. The rupee pared initial gains to settle 14 paise lower against the US dollar on Wednesday due to month-end dollar demand from importers and rising crude prices amid geopolitical uncertainties. At the interbank foreign exchange market, the local opened strong at 76.08 against the greenback but could not hold the momentum and entered negative territory during the session. The domestic unit finally settled at 76.32 against US Dollar, down 14 paise from the previous close.
Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd
“USDINR spot closed at 76.30, up 12 paise, due to demand for $ from oil marketing companies. Weakness in stocks and higher oil prices also were responsible for the Rupee weakness. Over the near term, we expect a range in USDINR, between 75.80 and 76.50 on spot, due to higher oil supporting USD and year end exporter selling, capping the advance in the pair.”
Tapish Pandey, Research Analyst, SMC Global Securities Limited
“The Rupee likely to face another tough day as oil continues to scale higher after imbalances in the oil market continues. Admittedly our current account deficit likely to cross $10.5 bn in the quarter ending on 31st March versus $9.6 bn in last Oct-Dec quarter negative for rupee. Dollar rupee has resume its higher highs and higher lows pattern in daily chart indicating positive momentum likely to continue. USDINR near month future has taken support near 75.82 levels to recommence is upward rally which will going to act as strong support zone. On higher side facing next resistance of prior swing highs near 76.85 levels sustain above which may walk towards the record high. Overall trading setup indicating bullish trend for now, any dip towards 76 mark may be utilized as trading opportunity by keeping stop loss below 75.82 levels.”
Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
“Rupee rose in the first of the session, but fell in the latter half against the dollar. The dollar climbed while the euro weakened as oil prices shot higher again with U.S. President Biden poised to announce, alongside European leaders, new sanctions against Russia. Market participants were expecting a possibility of peace deal or ceasefire, although no signs of the same can be seen hence supporting the dollar. Market participants today will be keeping an eye on the preliminary Manufacturing and Service PMI data and comments from various Fed governors comments. We expect the USDINR (Spot) to trade with a positive bias and quote in the range of 75.80 and 76.50.”
Rahul Kalantri, VP Commodities, Mehta Equities Ltd
“USDINR 29 March futures contract gained and hold its support level. USDINR crossed its immediate resistance of 76.35 on a daily closing basis. As per the daily technical chart, we observed that a pair crossed its immediate resistance level of 76.35 and looking positive. Looking at the technical set-up, if a pair continues to sustain above 76.35 could show further strength towards 76.55-76.70; support is placed at 76.05 levels.”
https://www.financialexpress.com/market/rupee-likely-to-depreciate-on-strong-dollar-risk-aversion-in-markets-usdinr-pair-to-trade-with-positive-bias/2470159/
