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USDINR OPENED FIRM @ 70.13/14


  • On Friday, USDINR opened 13 pips firm @ 70.13/14 levels.

  • Rupee opened firm on overnight Oil price slipped from 2019 highs as profit taking.

  • Matter of Concern is Dollar index which trading near 2019 high ahead of USA GDP data.

  • Emerging market currency on back foot threaten by trade deficit correlated with Oil price momentum.

  • Strengthening dollar against major FX overseas also weighed on home unit.

INTRADAY RANGE - 69.82 ( 69.99 - 70.35 ) 70.52

  • On Thursday , Rupee slumped 36 pips to close at more than six-week low of 70.26/27 against the greenback due to rising crude oil prices and a late sell-off in domestic equity markets.

  • Saudi Arabia's comments that it sees no immediate need for intervention in the oil market also fuelled the rally even as the US data showed larger-than-expected increase in oil stockpiles.

THE DOLLAR

  • The dollar hovered near a two-year high against its peers on Friday, supported by strong U.S. capital goods orders and awaiting first-quarter GDP data which could further reinforce the greenback's bullish standing.

  • Data on Thursday showed new orders for U.S.-made capital goods increased by the most in eight months in March. That follows other recent U.S. data that show strength in retail sales and exports which have eased concerns of the world's biggest economy sharply slowing.

  • The markets are watching first-quarter U.S. gross domestic product data due later on Friday for signs of whether the United States remains stronger than other leading economies.

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