Quote on Rupee by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

20-09-2024 06:29 PM | Source: LKP securities Ltd

Quote on Rupee by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

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Below the Quote on Rupee By Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

"The rupee traded positively with gains of 0.10rs at 83.53, supported by continued weakness in the dollar index, which is trading at 52-week lows. Following the Fed's rate cut, Indian markets have seen renewed buying interest, particularly in sectors that had previously experienced selling pressure. The resilience of the Indian markets is providing additional strength to the rupee. Key support levels for the rupee are seen at 83.60-83.65, while resistance lies in the range of 83.40-83.30.

Gold traded very positively, reaching an all-time high in Comex above $2,610, driven by strong liquidity inflows from the US Fed following a significant rate cut—the first since March 2020. The broad trend remains strongly positive, with the Fed signaling a data-driven approach, which supports the "buy on dips" strategy in the market. In MCX, support for gold is seen around Rs.73,000-Rs.73,250, while resistance is at Rs.74,250-Rs.74,500. The outlook for gold continues to favor upward momentum, with further rate cuts likely boosting prices."

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Quote on Rupee by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

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