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Published on 27/05/2020 1:49:03 PM | Source: Religare Broking Ltd

USDINR is expected to trade with bearish bias with selling recommended at higher levels.

Posted in Currency Report| #Currency Tips #Religare Broking Ltd

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Key Highlights

* The USD/INR Futures on NSE closed at 75.67 against 75.89. Indian rupee edged higher against the US dollar amid broad weakness in the US currency and higher domestic markets.

* The Reserve Bank of India has announced the auction of 84-Day Government of India Cash Management Bill for Rs 80000 crore. The Auction Date is May 28th 2020 while Maturity Date is August 20th 2020. The auction will be conducted using "Multiple Price Auction" method.

* Global shares rose on Tuesday as hopes for economic recovery overshadowed worries over the coronavirus pandemic. Investors are shifting their focus to how various nations are adapting to getting back to business, while striving to keep new COVID-19 cases in check.

* U.S. consumer confidence nudged up in May, suggesting the worst of the novel coronavirus-driven economic slump was probably in the past as the country starts to reopen, but it would probably take a while to dig out of the hole amid record unemployment.

* Britain’s economy is on course for a slow rebound from the coronavirus outbreak amid mounting business concern over the hit to consumer demand, despite early signs of improvement in May.

 

USDINR Outlook

USDINR is expected to trade with bearish bias with selling recommended at higher levels.

Key Levels (June Contract)

Support: 75.70/75.45

Resistance: 76.00/76.25

 

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