On Friday USDINR opened with 30 pips gain @ 70.05/06 against Thursday closed at 70.35/36 levels.Dollar tumble against major peers keep helping Indian Rupee as well as Overnight Brent Oil corrected nearly $2 per barrel.
Our opinion
Exporter Intraday - Wait for upside
Importer Intraday - Buy on every dip
INTRADAY RANGE - 69.88(70.01 -70.18 ) 70.46
On Thursday rupee tumbled by 0.2150 pips to 70.35 against greenback even as crude oil prices eased. At the Interbank Foreign Exchange, the rupee opened sharply lower at 70.27 a dollar against its previous close of 70.06. The domestic unit moved in a range of 70.39 to 70.18 during the day, before closing at 70.35.
The safe-have yen and the Swiss franc rose on Friday after a brief pullback earlier in the week, as renewed US-China trade tensions and weaker-than-expected data in those two economies revived global growth fears. Data showing consumer confidence at its weakest in more than three years in the United States, as well as an unexpected drop in industrial profits in China provided a stark reminder to investors of the deteriorating global growth outlook.
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