On Tuesday, USDINR opened with mild 7 pips gain @ 70.45/46.
In early trade seems some profit taking by traders.
If USDINR sustain below 70.40 levels then it will correct substantially.
On daily basis domestic pair in overbought zone.
EM ASIA FX-Indonesian rupiah, Malaysian ringgit weaken; Thai baht firms.
China's offshore yuan weakest since December after Beijing adds tariffs.
INTRADAY RANGE - 69.81 ( 70.26 - 70.72 ) 71.17
On Monday, The rupee tanked by 61 pips to close at over two-month low of 70.52 against the greenback on rising crude oil prices and weak industrial output growth data. Subdued domestic equity market and foreign fund outflows further dented forex market sentiment.
Factory output, as measured in terms of the Index of Industrial Production (IIP), had grown by 5.3% in March 2018. IIP’s previous low was recorded in June 2017, when output shrank by 0.3%.
Foreign portfolio investors offloaded more than Rs 3,000 crore from the domestic capital markets (equity and debt) in May so far.
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