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Reliance Securities Report
The Indian rupee appreciated on Monday and posted its biggest single session rise against the U.S. currency in over seven weeks, supported by inflows into local equities.
The rupee was quoted at 74.32 to the dollar at 2:00 p.m., compared with 74.84 at 2.00 p.m. on Friday.
The unit gained 0.7%, its biggest single session rise since July 02, 2020 and rose to its highest level since March 18, 2020.
Dollar sales and lack of the Reserve Bank of India’s presence led to exit of dollar long positions and triggered stop losses for dollar longs at 74.50 aided in rupee’s appreciation.
The benchmark S&P BSE Sensex and the broader Nifty 50 index ended 0.95% and 0.83% higher, respectively on Monday.
The U.S. dollar edged higher on Monday before Federal Reserve Chairman Jerome Powell this week will give a highly anticipated speech about the U.S. central bank's policy framework review.
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