USDINR opened 14 pips gain at 69.80/81 verses Friday closed at 69.94/95, On thin volume USDINR will trade in range. Rupee getting help from Oil prices correction. India infrastructure output as well as Foreign Debt ($ Q3) will release in second half.
On Technical prospective USDINR on daily chart entering in oversold trajectory. Currently USDINR trading below 200DMA.
EXPORTER - Wait for up side
IMPORTER - Any Dip Must Cover
INTRADAY RANGE - 69.56 (69.70 - 70.04) 70.20
The country's foreign exchange reserves increased by $167.2 million to $393.287 billion in the week to December 21, mainly due to a rise in foreign currency assets, according to RBI data. In the previous week, the reserves had declined by $613.9 million to $393.12 billion. In the reporting week, foreign currency assets, a major component of the overall reserves, rose by $105.2 million to $367.970 billion.
The dollar traded narrowly against its peers on Monday, as risk sentiment remained fragile over heightened concerns of slowing global growth and a partial U.S. government shutdown. Markets will be closely watching the progress of trade talks between Washington and Beijing in the new year. In a tweet which would come as a sigh of relief to the markets, U.S. President Donald Trump said on Sunday that he had a “long and very good call” with his Chinese counterpart Xi Jinping and that a possible trade deal between the United States and China was progressing well.
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