USDINR start fresh week with 35 pips weakness @ 71.59/60 levels against Friday closed at 71.24/25 levels. USDINR weakness supported by populist Indian budget as well as Oil price surges 2.07% on Friday supported by firm USA jobs data. For short to medium term every dip will be buying opportunity for USDINR . Trend is intact with buying.
INTRADAY RANGE - ( 71.20 - 71.72 ) 71.90
On Friday dropped 17 pips to 71.26 against greenback after Finance Minister Piyush Goyal announced a slew of populist measures to woo farmers and the middle class, the potential voters ahead of May general elections. The FM raised the FY19 fiscal deficit target to 3.4 per cent of GDP against the earlier target of 3.3 per cent. Goyal said the government was looking to tame fiscal deficit at 3.4 per cent for FY20. The country's foreign exchange reserves climbed by $1.497 billion to reach $398.178 billion for the week to January 25, mainly due to a jump in core currency assets, Reserve Bank data showed Friday. The overall reserves had dipped by $671 million to $396.68 billion in the previous week.
The dollar hovered near a one-week high against the yen on Monday, buoyed by stronger-than-expected U.S. jobs and factory data, although the Federal Reserve's cautious policy outlook and thinned holiday trade in Asia are likely to cap further gains. Data on Friday showed that the U.S. economy created 304,000 jobs in January, the highest in 11 months, and above street estimates.
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