On Friday, USDINR opened 10 pips weaker at 69.04/05.
In early trade rupee sharp 20 pips depreciation despite oil price retreat from highs.
After starting of Indian general election USDINR direct correlation with election mode.
Despite all fact , Oil still near $ 71 , dollar index getting support near 96.30-96.50 levels.
FII inflow still supporting to Indian indices.
INTRADAY RANGE - (68.81 - 69.25) 69.59
On Thursday, Indian rupee climbed 19 pips to close at 68.94 against greenback, also marking a third straight session of gains, driven by sustained foreign fund inflows.
Besides, weakness in the greenback against major global currencies and easing crude prices aided the rupee uptrend.
The rupee Wednesday had strengthened by 19 pips to 69.11 against the US dollar. In the last three trading sessions, it has appreciated by 75 pips.
Many market players had taken a bearish view on the dollar after the U.S. CPI numbers released earlier in the week, but they were forced to abruptly cover short positions as Thursday's data proved to be strong. The rise thus lacked conviction and it remains to be seen if the dollar can sustain its bounce. The prospect of a rate cut by the Fed may have diminished in light of the data, but economic views are not yet strong enough to support rate hike expectations .
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