USDINR LOOKS MAINTAIN POSITIVE MOMENTUM
- fxmethods
- Jun 4, 2019
- 1 min read
On Tuesday , we expecting USDINR will maintain there positive stance ahead of RBI policy.
It seems domestic unit likely to open between 69.08/15 levels against greenback.
Sharp appreciation in domestic equity mark ahead of RBI policy as well as Oil price $10 fall with in 4-5 days provide nice cushion for domestic unit.
The dollar was on the defensive on after taking a beating against peers such as the euro and yen, hurt by a sharp slide in U.S. Treasury yields as traders raised their bets for a near-term rate cut by the Federal Reserve.
INTRADAY RANGE - 68.75 ( 69.02 - 69.36 ) 69.68
On Monday , The Indian rupee appreciated by 0.3150 pips intraday to the US dollar in line with an intense rally in domestic equities amid hopes of a rate cut by the Reserve Bank.
The domestic currency opened strong at 69.49/50 and later rose to the day's high of 69.1850/1950 at the interbank forex exchange market.
The Indian unit finally settled at 69.26, higher by 44 pips from the previous close. The rupee Friday had settled at 69.70 to the US dollar.
Comments