USDINR start Thursday with 0.09 pips gain @ 71.15/16 against Wednesday closing was 71.24/25 levels. The rupee has now lost a hefty 83 pips in four straight sessions greenback. Volatility in case of the USDINR pair has shifted slightly higher, fiscal deficit is main concern for rupee depreciation. In present scenario any 15-25 pips dip is buy opportunity for short term.
INTRADAY RANGE - 70.85 ( 71.03 - 71.40 ) 71.63
The rupee weakened further by 19 pips Wednesday to close at 71.24 against the greenback. Indian rupee depreciated for the fourth day in row amid higher bond yield and expectation of expansionary fiscal policy in coming budget. The rupee was Asia's worst performing major currency in 2018 when it lost 9 per cent versus the dollar, and it's still in the cellar for 2019 so far.
The dollar took a breather on Thursday following its recent strong gains against key rivals, while sterling steadied after British Prime Minister Theresa May's government won a no-confidence vote in parliament. The dollar index, which measures the greenback against six major peers, stood at 96.055 after gaining half a per cent during the previous two sessions. The US currency largely held onto its gains against the euro as persistent worries about the euro zone economy weigh on the single currency.
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