USDINR start week with 7 pips firm note @ 71.23/24 verses Friday finished @ 71.30/31.Market confidence took a hit last week when US President Donald Trump said he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal.
Importer must cover short to medium term liability in teaches when USDINR fall 15/20 pips.
INTRADAY RANGE - 70.85 ( 71.03 - 71.47 ) 71.65
On Friday, At the Interbank Foreign Exchange, the rupee opened stronger at 71.37 a dollar. The local unit moved in a range of 71.4250 to 71.02, before finally ending at 71.31, showing a gain of 14 pips. The rupee Thursday appreciated by 11 pips to close at 71.45 against the US dollar. The BSE Sensex cracked 424.61 points, or 1.15 per cent, to finish at 36,546.48, while the NSE Nifty slumped 125.80 points, or 1.14 per cent to 10,943.60.
The strength in the dollar has come despite the Federal Reserve taking a dovish stance at its last policy meeting in January. For now, investors are piling into the safety of the greenback due to fears of a sharp global economic slowdown.
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