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USDINR LOOKS START POSITIVE NOTE

Writer's picture: fxmethodsfxmethods

  • FX-methods expecting USDINR likely to start Friday trade with winning momentum.

  • Our observation suggesting opening range between 69.13/20.

  • USDINR getting support from Government Yields hit 2016 levels, On Thursday 10-year government bond yield was at 6.93%.

  • The dollar was under pressure and was poised for its worst weekly performance for the year, as investors waited on a key U.S. jobs report that is expected to back expectations for a near-term Federal Reserve rate cut to support a slowing economy.


INTRADAY RANGE - 68.82 ( 69.08 - 69.34 ) 69.60


  • On Thursday , Indian rupee recouped most of its early losses and closed marginally lower at 69.28 to the US dollar after the Reserve Bank in a widely expected move cut key interest rates by 0.25 percentage point.

  • To boost the sagging economy, the RBI Thursday lowered its benchmark lending rate to a nearly nine-year low of 5.75 per cent and changed its monetary policy stance to accommodative, leaving space for future rate cuts.

  • The 10-year government bond yield was at 6.93 per cent on Thursday.

  • The RBI lowered its growth forecast for the economy to 7 per cent from the April view of 7.2 per cent for the 2019-20 April-March fiscal year.


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