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Rupee at One month High - HDFC Securities
* Rupee gained 0.2% to 71.0450 on Monday after touching 71.02, highest level since Nov. 7, the biggest gainer in Asia peers. Beside weaker crude oil prices, foreign fund inflows supported positivity in rupee. Country has seen $5 billion of foreign inflows QTD, while bonds have seen purchases of $443 million.
* Technically, spot USDINR expected to trade with negative bias with downside support around 70.80 and resistance at 71.50.
* Benchmark 10-year yield was little changed at 6.67% on Monday, after surging 20bps over the previous two days.
* RBI, the most aggressive among its Asian peers in slashing borrowing costs in 2019, may be done with easing, swap markets show. central bank, the most aggressive among its Asian peers in slashing borrowing costs in 2019, may be done with easing, swap markets show.
* The dollar fell Monday as investors remained anxious about a looming U.S. tariff hike on Chinese imports and eyed Federal Reserve and European Central Bank meetings later this week.
* ICE dollar index is having multiple bottom support around 97.10 and resistance at 98.20.
* Pound traders are poised for potential drama this week as the results of the UK's general election will confirm on Friday whether the recent strong gains in the currency are justified or not. The sentiment is likely to get another boost from the U.K. election, which could finally pave a more resolute course for an exit from the European Union.
USDINR DECEMBER FUT. :
* USDINR December futures started forming lower top lower bottom formation on daily chart indicating near term down trend.
* Momentum oscillator, RSI given negative cross over heading towards oversold zone indicating negativity in momentum.
* Now, the crucial support seen in the range of 71 to 70.70 while resistance at 71.90.
USDINR DEC. FUT. DAILY CHARTS
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HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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