On Tuesday , after long weekend USDINR opened @ 70.94/95 with mild weakness against Friday Closed at 70.91/92 levels.
Early trade rupee show some strength against greenback, seems there is inflow after long weekend.
Daily chart Indicating , if USDINR able to break 70.50 levels then it will drag up to 70.00 levels.
Oil and Yield make things tough.
INTRADAY USDINR - 71.27 ( 71.07 - 70.75 ) 70.48
On Friday, Rupee weakened by 20 pips to close at 70.91/92 against the US dollar Friday amid strengthening of the American currency and rising crude oil prices.
Forex traders said slower GDP, higher crude oil prices, and faltering trade talks between the US and China weighed on the domestic currency.
The dollar held near a two-week high against its key rivals on Tuesday, underpinned by a resilient economy and a flagging euro ahead of an upcoming European Central Bank policy meeting.
Higher U.S. bond yields kept the dollar well bid, and though rates were off overnight peaks, traders bet the greenback had more going for it than some of its peers.
The euro in particular remained wobbly before the ECB meeting on Thursday. The ECB is facing growing pressure to address how to protect the euro zone economy from a protracted slowdown.
Comments