USDINR OPENED AT 70.46/47

Indian Rupee opened with 24 pips gain at 70.46/47 per dollar , after Thursday finished its trade at 70.70/71 levels. Rupee enjoying sharp Brent Oil correction ahead of OPEC meeting. But matter of concern is that it seems central banks buying dollar as per there weekly Forex Data, foreign exchange reserves rose by $568.9 million to $393.580 billion in the week to November 16, mainly due to a spurt in foreign currency assets, according to RBI data. In the previous week, reserves had declined by $121.2 million to $393.01 billion.

Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018. Since then, the Forex kitty has been on a slide and is now down by over $31 billion. Gold reserves rose by $73 million to $20.961 billion, the data showed.

INTRADAY RANGE - 70.15 (70.30 - 70.85) 71.25

USDINR DAILY CHART