Published on 31/05/2019 10:39:42 AM | Source: Geojit Financial Services Ltd

USDINR pair, 70.12 will be the immediate support below which it may fall to 70.72 - Geojit Financial

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The Indian currency fell for a straight third day yesterday despite fund inflows and rally in the domestic equities as the markets turned their focus to newly elected government and macroeconomic data. Strong American currency also kept the local unit under pressure. Local tender unit on Thursday opened at 69.76 a dollar and made an intraday low of 69.93 before settling the session at 69.87 against its previous close of 69.83.

FIIs were buyers in the capital market segment; bought shares worth Rs 1664.74 as per provisional figures yesterday. DIIs, on the same time offloaded to the tune of Rs 1122.6cr on the same day. Oil prices fell on supply concerns after recent weekly data and on trade tensions. Trump’s decision to slap tariffs on Mexico also dampened the oil’s outlook. The day remain to be data packed as GDP, fiscal deficit and eight core industries are due to release later today. Also another major trigger for the markets will be RBI’s monetary policy meeting that is scheduled from 03-06 June.

For USDINR pair, 70.12 will be the immediate support below which it may fall to 70.72. On the flip side 69.14 and 68.39 will act resistance levels.


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