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Rupee Weaken Ahead Of Long Weekend - HDFC Securities
* Markets are turning downward following offshore moves. Indian rupee started with loss of 23 paise to 71.80 a dollar after yesterday’s holiday.
* Strength in dollar index and higher crude oil prices could weighed on rupee ahead of long weekend. Technically, spot USDINR is having support at 71.20 and resistance at 72.
* The 10-year benchmark bond yields little changed at 6.39% on Tuesday.
* The 7.57% sovereign Indian bond maturing in 2033 may decline as the government will supply 120b rupees of the paper as part of a switch scheduled next week.
* A rise in crude prices and Treasury yields will also weigh on rupee debt. RBI will release minutes of the Feb. policy where it kept rates unchanged for the second straight meeting.
* All six members voted to keep rates at 5.15% and the policy stance accommodative.
* The yen touched its weakest level in nine months after a report showed a steeper-than-forecast drop in Japanese machine orders, promoting concern that nation’s economy is heading for a recession.
* Signs China is planning stimulus measures to shield its economy amid the virus outbreak also spurred selling of havens.
USDINR February Futures :
* USDINR February futures expected to give box break out with higher side next resistance at 72.
* Momentum oscillators given positive cross over indicating upswing in the price.
* The pair forming rectangle box with support at 71.23 and resistance at 72.
USDINR FEBRUARY FUT. DAILY CHARTS
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