Published on 20/05/2019 2:40:26 PM | Source: Geojit Financial Services Ltd

On the flip side 69.49 and 68.98 will act resistance levels - Geojit Financial

Posted in Currency Report| #Currency Tips #Geojit Financial Services Ltd

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Despite the rise in oil prices and continued capital outflows, the advance in the domestic equities supported the local currency, which rose for a third day to close at its highest level almost in a week. Rupee yesterday opened at 70.26 a dollar and made a high of 69.99 before settling at 70.03 against its previous close of 70.34. In the previous two sessions, the Indian currency appreciated by 17 paise. FIIs were sellers in the capital market segment; offloaded shares worth Rs 953.23cr as per the provisional figures on 16 May.

DIIs on the other end bought shares to the tune of Rs 948cr for the same period. Oil prices were on uptrend; jumped nearly 2% on heightened Middle East tensions. Now for the Rupee, the election outcome will be the major trigger that will be announced on 23th of this month while exit polls will be out on 19 May. For Indian unit, 70.47 will be the immediate support below which it may fall to 71.18. On the flip side 69.49 and 68.98 will act resistance levels.


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