USDINR opened moderate 3 pips down @ 70.49/50 Vs. Yesterday finished trade with -0.82% fall @ 70.46/47, That was biggest single day drop since August'18. As per our analysis if USDINR able to hold 70.50/51 levels then again we can see rupee at 70.10/20 levels otherwise it will shoot up at 70.79/70.95 levels in intraday.
INTRADAY RANGE - 69.85 (70.18 - 70.79) 71.05
The rupee declined today on account of sharp rebound in the crude oil prices in the international market. Further India’s GDP and fiscal deficit data disappointed the market. Hence the rupee is under pressure. Focus will now shift to the RBI and OPEC meetings.
The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, began its three-day policy review deliberations on Monday amid expectations of status quo on interest rate.
Experts are of the view that the RBI may not change the benchmark lending rate (repo) despite moderation in economic growth and easing inflation. The MPC meet will continue till December 5. The decision of the MPC will be placed on the RBI's website in the afternoon of December 5.
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