Published on 7/07/2020 11:49:00 AM | Source: HDFC Securities Ltd

Rupee to open flat on mixed Asian cues - HDFC Securities

Posted in Currency Report| #HDFC Securities #Currency Tips

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Rupee to open flat on mixed Asian cues HDFC Securities 

Indian rupee set for a muted start amid mixed Asian currencies. Rupee Particular OUT a gles Price Prev. Close Particular Current Price Tal MEW Lekx> could get support from lower crude oil and foreign fund inflows. Rupee will have upper hand over dollar amid rebound in economic activities and dollar inflows, while central banks remain a side from dollar buying.

Spot USDINR is having support at 74.30 and resistance at 75.50. 

Asian stocks looked set for a mixed start today after strong gains Monday that were carried into the U.S., while the dollar fell for a fifth day. The greenback slides to the weakest since June 10 as risk-on sentiment sapped demand for havens. 

Oil edged lower with investors concerned that lackluster demand through the summer months will weigh on the market’s recovery.

Market is reacting to the news of a vaccine for the novel coronavirus, if one is discovered, which is six months away at the earliest. The worse news is that any such shot will eventually wear off. Globally, the pace of new infections in Japan, Iran and elsewhere is raising concerns about a fresh wave. India’s epidemic is now the third-biggest in the world, surpassing Russia.

Trump is preparing to issue a series of executive orders on a range of subjects, including China, manufacturing, immigration and prescription drug prices, his chief of staff, Mark Meadows, said Monday. This will further add fuel to on going US China trade tensions.

There's fresh investor interest in the implications of Joe Biden beating Donald Trump in November. Markets will probably start considering the policy implications at the end of this month or early August at the latest.


USDINR July Futures :

* USDINR July futures formed another Doji candlestick after stiff fall on Thursday. That indicates indecisiveness among traders.

* Momentum oscillators and indicators entered in oversold zone.

* The pair is having support at 74 and resistance at 75.50. The bias remains bearish with view of sell on bounce.


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