USDINR July futures managed to hold the support of 13 DEMA and formed bulls candle - HDFC Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Rupee likely to open lowers on stronger dollar index
Indian rupee expected to open lower following overnight gains in Dollar index and riskoff sentiments. The dollar’s rally against Asian currencies is far from over and U.S. intervention to talk down oil prices provides additional bullish momentum. The one month forward USDINR last quoted at 75.03, 26 paise higher from domestic market close.
On Tuesday, USDINR gained 24 paise to 74.55, after falling 44 paise on Monday. Technical set up for the pair will remain bullish until it holds the level of 73.70 while on higher side psychological level of 75 will act as resistance.
Asian stocks look set to fall after U.S. shares snapped a winning streak. While the S&P 500 dipped from a record. Oil pared losses after falling toward $73 a barrel. The dollar’s climb spurred a commodities selloff, and uncertainty shrouds the next move in the OPEC+ saga. The start of a new week in the U.S. saw yet another bond market rally, which sent 10-year yields below 1.35%. They’ve dropped more than 40 bps since the end of March. The decline in both inflation expectations and real yields shows -- if taken at face value -- that bond investors see the return of the slow-growth-low-inflation environment prevailing prior to the pandemic.
he dollar advanced by the most in two weeks, buoyed by risk-off sentiment, as U.S. stocks and riskier assets weakened.
Traders are also eyeing Federal Reserve minutes due Wednesday for more insight into the prospects for tapering and interest-rate hikes.
USDINR
USDINR July futures managed to hold the support of 13 DEMA and formed bulls candle.
The pair has been holding higher highs and lows on daily and hourly chart.
Momentum oscillators and indicators also strengthening on daily and hourly chart suggesting bullishness in the pair.
USDINR July futures has support at 74.30 and resistance at 75.08.
Near term bias for the pair remains bullish with any dips will be bought in to for target of 75. and 75.50.
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
Tag News
EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
