Published on 24/05/2019 12:19:24 PM | Source: Geojit Financial Services Ltd

On the flip side 69.33 and 68.57 will act resistance levels - Geojit Financial

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

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Indian currency reversed its early gains and the ended the session lower as the investors started discounting the incumbent government’s second term. Local unit yesterday opened higher at 69.45 a dollar made a high of 69.37 before settling the day at 70.02 against its previous close of 69.66. In the previous day, Rupee appreciated by 6 paise.

FIIs turned to buyers in the capital market segment; bought shares worth Rs 1352.2cr as per the provisional figures yesterday. On the other side, DIIs were sellers to the tune of Rs 593.54cr for the same period. Oil prices fell to its lowest of 2019 on the demand concerns as the ongoing trade tensions continue to escalate. In the global front, ECB released its minutes from Apr meeting where the policymakers remained concerned on the growth rate of the region, which was weaker than expectations. Now as the election verdict is out, investors may change their focus to macroeconomic data, RBI meeting, SinoAmerican tensions and volatile oil prices that may help to take a direction in markets in the coming days.

For Indian unit, 70.47 will be the immediate support below which it may fall to 71.27. On the flip side 69.33 and 68.57 will act resistance levels.


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