Rupee extended losses for the 3rd day - Geojit Financial Services
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Rupee extended losses for the 3rd day.
US 10 year treasury yield slips below 1.6%, ahead of US CPI release.
US Dollar remained flat while oil’s rally paused.
India’s retail inflation declined to 4.35% in September, compared to 5.3% in August.
IMF trims world output growth expectation by 0.1% to 5.9%.
OUTLOOK - USDINR
After testing April’s peak, USDINR could slow down, having achieved both our objectives of 75.4 and 75.54. However, if such pull back does not stretch beyond 75.25 or 74.97, expect resumption in uptrend that would breach the lifetime peak of 77.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
