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Rupee Gains Six of The Past Seven Sessions - HDFC Securities
* Rupee gained in six of the past seven trading sessions amid weakness dollar against major currencies, stable crude oil prices, the foreign fund inflows. Today, Rupee opened at 70.83 from previous close of 70.93 a dollar.
* Spot USDINR continues down trend for the fifth days in row to close at one month high. The pair is having support at 70.70, the rising trend line support adjoining low of 70.36 and 70.55.
* Benchmark 10-year bond yield rose 4bps to 6.71% after ending little changed on Monday.
* India’s bond market traders will be assessing a report that said the government may widen the budget deficit to between 3.5% to 3.8% of the gross domestic product in the current fiscal year.
* The Federal Reserve to conclude its final policy meeting of 2019 later tonight, with markets overwhelmingly expecting the central bank to leave interest rates untouched. The Fed is due to announce its latest decision, along with a new set of economic forecasts followed by a news conference by Fed Chairman Jerome Powell shortly afterward.
* The pound weakened against all its major peers after a key poll indicated Boris Johnson’s Conservative party has lost some of its lead over the opposition ahead of Thursday’s election. Last pound quoted at $1.3137 with loss of 0.14% from overnight close of $1.3156.
* Crude Oil retreated from its highest close in almost three months after an industry report showed American crude inventories expanded last week, adding to concerns over weakening demand.
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 70.90 to 70.70 while resistance at 71.50.
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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