Published on 29/05/2019 10:58:53 AM | Source: Geojit Financial Services Ltd

On the flip side 68.95 and 67.84 will act resistance levels - Geojit Financial

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

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Led by month end American dollar demand and rising oil prices dragged the Indian currency lower that fell 18 paise to close the session. However, positivity in domestic equities capped more downside. Local unit yesterday opened at 69.68 a dollar and made an intraday low of 69.74 before settling at 69.69 against previous closing of 69.51. On Monday, Rupee closed with a gain of 2 paise.

FIIs turned sellers; offloaded shares worth Rs 501.11cr as per the provisional data yesterday. DIIs, on the other bought shares worth Rs 269.22cr. Crude oil prices traded volatile on Middle East tensions and Russian production outcome while also weekly API and EIA figures later in the week. Apart from trade concerns, Indian investors will start focusing towards macroeconomic data with GDP, Fiscal deficit and eight core industries is scheduled on the last day of the trading week.

For Indian unit, 70.05 will be the immediate support below which it may fall to 70.81. On the flip side 68.95 and 67.84 will act resistance levels.


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