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Rupee Gains on Foreign Fund Inflows - HDFC Securities
* Rupee gained amid share acquisition and foreign borrowingrelated inflows. We expect steady movement in today’s trade ahead of the industrial production and forex reserve data.
* Technically, Spot USDINR is having support at 70.50 and resistance at 71.11.
* Indian bonds may decline as the central bank didn’t announce the fourth round of operation twist as expected by the markets.
* Traders will also be focusing on 160 billion rupees ($2.25 billion) of debt sales by the government.
* The 10-year benchmark yields fell 3bps to 6.53% on Thursday and up 1bp for the week.
* Meanwhile, oil touched a four-week low before steadying and stocks rose as risk appetite returned. Asian currencies will be in calm mode as markets wait for the U.S. payrolls data tonight and the signing of the phase on trade deal next week.
* The easing of U.S.-Iran tensions contributed to a slump in the yen, while the pound slid as outgoing Bank of England Governor Mark Carney signaled a possible rate cut.
* The U.S. and China are finalizing a bevy of long-running corporate deals ahead of a high-profile ceremony to sign a trade deal next week that the world’s largest economies seek to cast as a major breakthrough and a marked warming in the relationship.
USDINR January Futures :
* From the above, we can clearly see, spot USDINR is resisting at 72.12, the trend-line adjoining 72.41 and 72.25, and taking support at 70.50.
* The pair is showing seesaw movement around short term moving averages.
* Momentum oscillator turning weak on daily chart indicating near term profit booking. Near term support has been seen at 71.50 and resistance at 72.15.
USDINR JAN. FUT. DAILY CHARTS
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