On Wednesday , Rupee opened par at 69.28/29 against greenback.
In early trade rupee sharply appreciate 19 pips followed yesterday correction.
Ahead of general election as well as Oil price above $70 its surprising rupee appreciation.
EM ASIA FX-Philippine peso, Malaysian ringgit lead declines.
Our conclusion , any dip must go for cover short term liability covering.
INTRADAY RANGE - 69.03 ( 69.20 - 69.58 ) 69.79
On Tuesday , The rupee opened 69.58 against the US dollar on account of some selling in American currency by banks and exporters amid sustained foreign fund inflows.
On Tuesday , USDINR opened 69.59 and finished after sharp appreciation of 48 pips @ 68.2850/2950.
Trader said "there was aggressive intervention".
The safe-haven yen held most of its recent gains on Wednesday as investor caution prevailed due to fresh global trade tensions and as the International Monetary Fund downgraded its global economic outlook.
Broader sentiment in the market remained subdued as the flare-up between the United States and Europe added to other potential global flash points over trade, including ongoing Sino-US tariff negotiations.
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