On Friday , Rupee opened @ 69.39/40 against greenback.
In early trade rupee show strength and reach up to 69.27/28 levels versus dollar.
USDINR pair strength come from sharp fall in oil price on US output hit record highs.
FII regularly supporting Indian equity market despite china and japan on holiday.
Indian 10Yr yields fall give boost Bond buying.
INTRADAY RANGE - 69.15 ( 69.35 - 69.53 ) 69.69
On Thursday, At the Inter-bank, the rupee opened on a weak note at 69.60/61, but gathered momentum and rose to a high of 69.34/35 against the US dollar, showing 22 pips gain over its previous closing.
Selling of the American currency by exporters, fresh foreign fund inflows and positive opening in domestic equities supported the rupee.
MAJOR
An ongoing rise in U.S. government bond yields was cited as supportive for the dollar earlier in the day after Federal Reserve Chairman Jerome Powell dented investor hopes for a rate cut a day earlier.
Fed Chair Jerome Powell said at his regular press conference that Fed officials “don’t see a strong case for moving in either direction,” indicating that it believes the weakness of inflation and private demand in the first quarter will be temporary.
Meanwhile, the AUD/USD pair and the NZD/USD pair both inched up 0.1%. The Reserve Bank of Australia will hold a policy meeting on May 7, while the Reserve Bank of New Zealand will gather a day after. Some analysts believe the two central banks might cut rates following recently below-forecast inflation reports.
The GBP/USD pair was also trading near flat after the Bank of England maintained the benchmark rate at 0.75%. The central bank’s governor Mark Carney said that there could be a number of rate hikes from the bank, if Brexit is resolved and growth and inflation point higher.
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