Silver - April 6, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and silver prices are trading with gains gains this early Tuesday afternoon trade.
Technically, LBMA Silver Spot is holding a support near $24.75-$24.30 levels where it could see some bounce back up to $25.45-$26.00 levels.
Technically, MCX Silver May is above 65000 which could push prices to 65700-66300 levels.
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The rupee pared its initial gains to close down by 12 paise at 73.42 against the US currency on Tuesday amid concerns that rising COVID-19 cases and subsequent lockdowns in some states may hurt the economic recovery. Investors were also cautious ahead of the RBI policy statement to be released on Wednesday. Besides, gains in crude prices and a stronger dollar overseas weighed on the rupee sentiment. Rupee continued to trade in a narrow range for the third successive session despite volatility in domestic equities. Market participants remain cautious ahead of the important RBI policy statement that will be released on Wednesday, Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services, said.
Rupee - Outlook - April 6, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee depreciated against the Dollar on Monday amid concerns that rising Covid-19 cases and subsequent lockdowns in some states may hurt economic recovery and cause foreign outflows.
The Rupee ended at 73.29 to the dollar compared with 73.11 in the previous session.
Meanwhile, India s Monetary Policy Committee, which will conclude on Wednesday, is widely expected to keep the key repo rate unchanged at a record low of 4%.
The one-year forward premium was at 3.59 rupees, against 3.71 rupees in the previous session.
The benchmark BSE Sensex and the broader NSE index posted their biggest single session fall since Feb. 26 and ended 1.74% and 1.54% lower, respectively on Monday.
Crude Oil - April 6, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading with gains on Tuesday supported by bargain hunting.
Upbeat data from the U.S and China lifted sentiments.
However, concerns remain over demand due to lockdowns in certain countries.
Investors are also awaiting the release of U.S. inventory reports from the American Petroleum Institute later on Tuesday and the Energy Information Administration on Wednesday.
Technically, WTI Crude Oil is trading on a positive note which will further take price up to $60.50. Supports are at $59.00 and $58.40 levels.
Rupee - April 6, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee weakened for the second consecutive session against the U.S. Dollar, weighed down by dollar demand from importers.
Meanwhile, investors also await the MPC decision and RBI s commentary on the economy and inflation.
The Rupee ended at 73.43 compared with 73.29 in the previous session. The local unit had risen to an intraday high of 73.20 earlier in the session on the back of exporters dollar sales and weaker dollar.
Meanwhile, Asian currencies were mostly higher after the dollar index extended losses this Tuesday s afternoon session.