MENU

Published on 13/05/2020 11:11:09 AM | Source: HDFC Securities Ltd

USDINR May futures reversed from the short term moving average resistance - HDFC Securities

Posted in Top Stories| #HDFC Securities #Currency Tips

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

Rupee to Open Higher as Govt. unveils $266bn Stimulus

* Rupee reversed Monday’s losses as increases in planned govt. borrowing spurred a panic selling in Indian assets but expectation of big stimulus package and fund inflows supported rupee. Rupee discounted well in advance by gaining 24 paise, govt. announced whopping Rs.20 trillion stimulus to boost economy. The package amounts to 10% of the nation’s gross domestic product, the details of the same will be given few days.

* Spot Rupee expected to open with gap up while the derivatives might open flat, which gained around 30 paise after onshore market closed at 2pm.

* After market economic data reflected the lockdown impact. India’s factory output shrank in March as measures to contain the coronavirus pandemic hurt economic activity. The Index of Industrial Production fell 16.7%, data released by the Ministry of Statistics showed Tuesday. Looking ahead, April should see an even sharper contraction as the lockdown stretched through the entire month.

* Most dollar-Asia non-deliverable forwards retreated as the greenback weakened, looking past news of U.S. Republican senators introducing a China sanctions bill over the virus.

* The dollar was on the defensive against its rivals today as traders looked to Federal Reserve Chairman Jerome Powell’s speech amid rising speculation the United States could one day adopt negative interest rates.

USDINR May Futures :

* USDINR May futures reversed from the short term moving average resistance.

* The pair formed candle with the open = high indicating strong hold of bears.

* Momentum oscillators and indicators heading south suggesting continuation of weakness in the pair.

* The trend reversal level for USDINR May futures has a support at 75.08 and resistance at 76.10.

 

To Read Complete Report & Disclaimer Click Here

 

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337

 

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer