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  • Writer's picturefxmethods

USDINR OPENED FLAT AHEAD OF KEY EVENT


  • On Tuesday , USDINR opened flat at 68.53/54 against Monday finished at 68.54/54 level.

  • USDINR hovering around near August 2018 levels, sharp recovery all thanks to our foreign investors.

  • Expectation on Dovish from FOMC that keep dollar index vulnerable.

  • Indian Economic data also supportive.

INTRADAY RANGE - 68.22 ( 68.40 - 68.65 ) 68.95

  • On Monday, The Indian rupee surged by 57 pips to close at an over seven-month high of 68.53 against the greenback, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit.

  • Inter bank market, USDINR opened at 68.91/92 and advanced to a high of 68.45 during the day. It finally settled at 68.54/55, a rise of 57 pips against the dollar over its previous close.

  • Many investors expect the Fed, which has raised rates four times last year, to keep its benchmark overnight interest rate unchanged and stick to its pledge of a "patient" approach to monetary policy.

  • The Bank of England is expected to leave its interest rate outlook unchanged at a policy meeting on Thursday due to the deep uncertainty over Britain's decision to leave the European Union.

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