Trading At 74.7 Vs Dollar, Rupee Exhibits Bullish Bias
Money & Banking
The rupee (INR) began Tuesday’s session on a flat note at 74.7 versus yesterday’s close of 74.68 against the dollar (USD). Since INR stays above the important support of 75, bulls will have an advantage. Currently hovering around 74.7, the nearest support for the rupee is at 74.8. Below that level, 74.9 can be a support. If the rupee advances, the immediate resistance levels are at 74.6 and 74.5.
Foreign Portfolio Investors (FPI) were net buyers yesterday. The net inflow on Monday was nearly ₹350 crore (equity and debt combined). They have been buyers last month and, if this trend is to continue, the rupee can firm up against the dollar.
Dollar index
The dollar index posted a loss yesterday as it closed below the support at 97. Thus, it has slipped below the 21-day moving average, turning the near-term outlook negative. Currently trading at 96.75, the nearest support for the index is at 96.25. The subsequent support is at 96. A decline in dollar demand can be positive for the Indian currency.
Trade strategy
The rupee, currently trading at 74.7, exhibits bullish bias. Moreover, the dollar index has breached a support, opening the door for further weakening. So, traders can go long in rupee on declines with stop-loss at 74.9.
Supports: 74.8 and 74.9
Resistances: 74.6 and 74.5
Published on
July 07, 2020
The rupee (INR) began Tuesday’s session on a flat note at 74.7 versus yesterday’s close of 74.68 against the dollar (USD). Since INR stays above the important support of 75, bulls will have an advantage. Currently hovering around 74.7, the nearest support for the rupee is at 74.8. Below that level, 74.9 can be a support. If the rupee advances, the immediate resistance levels are at 74.6 and 74.5.
Foreign Portfolio Investors (FPI) were net buyers yesterday. The net inflow on Monday was nearly ₹350 crore (equity and debt combined). They have been buyers last month and, if this trend is to continue, the rupee can firm up against the dollar.
Dollar index
The dollar index posted a loss yesterday as it closed below the support at 97. Thus, it has slipped below the 21-day moving average, turning the near-term outlook negative. Currently trading at 96.75, the nearest support for the index is at 96.25. The subsequent support is at 96. A decline in dollar demand can be positive for the Indian currency.
Trade strategy
The rupee, currently trading at 74.7, exhibits bullish bias. Moreover, the dollar index has breached a support, opening the door for further weakening. So, traders can go long in rupee on declines with stop-loss at 74.9.
Supports: 74.8 and 74.9
Resistances: 74.6 and 74.5
Published on
UPDATE: USAA Delivers $150 Million In Loans Within 48 Hours To Serve Members Impacted By Government Shutdown
FOR THE MOST UP-TO-DATE DATA ON USAA SHUTDOWN ACTIVITY, VISIT USAA STORIES: LINK Read more
USAA Names Rob Arena President Of Life Insurance Company
Sep 30 2025 SAN ANTONIO – September 30, 2025 – USAA has appointed Rob Arena as Preside... Read more
USAA Prepares Financial Assistance To Serve Members Impacted By Potential Government Shutdown
No-interest loan and payment relief options among the benefits that eligible members can access Read more
USAA, NFL Extend Long-standing Partnership
USAA to continue providing exceptional Salute to Service NFL experiences to the military community Read more
Nearly Half Of Gen Z Doesnt Know What Affects Their Credit Score, According To New USAA Report
Study Reveals Gaps in Young Adults’ Credit Knowledge and Optimism for Financial Growth Read more
USAA Stands With Our Communities To Provide Support Amid Devastating Texas Floods
Association commits $500,000 and activates employee volunteers to support Read more