USDINR opened @ 70.18/19 against Friday closed at 70.16/17 levels. Most of Emerging market on Xmas holiday mood. it seems any dip in USDINR must bought. The dollar also sought out as a safe-haven, managed to hold up despite troubles of its own, including a partial U.S. government shutdown.
INTRADAY RANGE - 69.70 (69.85 - 70.35) 70.52
The Domestic Unit on Friday was too much volatile, its intraday movement was 0.5875 pips (-0.40%) against the greenback , On the finishing trade USDINR get some support on account of softening crude oil prices. The country Forex reserves had touched a record high of USD 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 USD 31 billion.
Trading volumes were thinning out with most global markets set to shut for Christmas, while Japan was closed on Monday for a holiday. There was hardly any appetite among investors to take on risk, with a deteriorating outlook for global growth leaving stocks hurtling down for their worst quarterly performance since 2008.
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