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Published on 28/05/2020 12:46:23 PM | Source: Religare Broking Ltd

USDINR is expected to trade with sideways bias with selling recommended at higher levels - Religare Broking

Posted in Top Stories| #Currency Tips #Religare Broking Ltd

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Key Highlights

* The USD/INR Futures on NSE closed at 75.89 against 75.67. The rupee depreciated against the US dollar on Wednesday, as market participants were concerned about rising tensions between the US and China amid coronavirus pandemic.

* The Centre is likely to look at the option of the Reserve Bank of India (RBI) monetising the deficit in the second half of the financial year, a senior government official has said, asserting that the Centre is seriously examining the issue.

* US President Donald Trump on Wednesday offered to "mediate or arbitrate" what he called a "now raging border dispute" between India and China. The comment refers to a build up along the Line of Actual Control (LAC) by Indian and Chinese armies following a recent face-off in Ladakh.

* The euro zone economy is likely to shrink between 8 per cent and 12 per cent this year as it struggles to overcome the impact of the coronavirus pandemic, European Central Bank President Christine Lagarde said on Wednesday.

 

USDINR Outlook

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

Key Levels

Support: 75.74/75.63

 Resistance: 76.10/76.27

 

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