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Published on 28/05/2019 10:27:10 AM | Source: Geojit Financial Services Ltd

On the flip side 69.27 and 68.62 will act resistance levels - Geojit Financial

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

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USDINR

Rise in the American currency and surging oil prices made the Indian currency to pare its morning gains and close marginally higher by 2 paise. Early gains in the forex markets were in-line with domestic equities and continued capital inflows. Local unit yesterday opened higher at 69.40 a dollar and made an intraday high of 69.34 before settling at 69.51 against its previous close of 69.53.

FIIs were buyers in the capital market segment; bought shares worth Rs 1215.36cr as per the provisional figures. DIIs, on the other hand sold to the tune of Rs 327.86cr in the same period. Oil prices rose as continued tensions in Middle East along with lower Russian oil production as the exports via an oil pipeline have been restricted due to a contamination issue. In the domestic front, GDP, fiscal deficit and eight core industries are due to release on the last day of the month.

For Indian unit, 69.97 will be the immediate support below which it may fall to 70.43. On the flip side 69.27 and 68.62 will act resistance levels.

 

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