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Published on 16/11/2019 1:44:09 PM | Source: ICICI Direct

Rupee likely to stay on edge due to domestic slowdown woes - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

Rupee likely to stay on edge due to domestic slowdown woes

* The Dollar Index is mildly lower this week amid a rebound in major currencies especially JPY. Overall It is likely to remain in a range as investors continue to await any details on initial phase of US-China trade deal

* Chinese Yuan was spooked as the US President threatened to impose massive tariffs on Chinese imports if China is unable to make a good deal with US. CNY is currently trading at 7.01/US$. Any adverse outcome could weigh on CNY and also on EM currencies

* US$ has recovered from the lows near 72.24 this week. We expect the pair to face hurdle at 72.40 levels while 71.50 is a near term support. Pair is likely to remain in the range of 71.50 – 72.20 in near term

 

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