Rupee opened on a weak note at 69.6175 against the US dollar in opening trade on Friday and throughout the week traded in the range of 69.3850 and 69.9350, as rising crude oil price concerns weighed on the investor community. Rupee is trading in a narrow range as prospects of an interest rate cut by the US Federal Reserve kept investors edgy. Besides, strengthening of the American currency in the overseas market and a weak opening in domestic equities weighed on the local unit. The dollar was lower against the yen and euro early Friday.
- Russia cut interest rates for the first time since March 2018 and signaled more monetary easing at one of its upcoming meetings as growth slowed and inflation retreated closer to the central bank’s target.
- Sour crude market participants in Asia shrugged aside news of the attack on two oil product tankers in the Middle East.
- Swiss National Bank leaves expansionary monetary policy unchanged and introduces SNB policy rate.
- Industrial production down by 0.5% in euro area.
- China’s inflation hits highest level in 15 months.
- China’s internet censor shuts financial news aggregator wallstreetcn.com amid worsening US relations over trade and tech.
- BOE can cut rates close to zero, would not go to negative rates.
- UK GDP sees downside risks with a decline of 0.3% m/m in April.
USDINR after correction found strong support on lower levels closed around its psychological resistance level of 70.0000. If able to sustain above this mark currency pair shows more bullish movements towards its next resistance level of 71.000. On downward side it may find support near 69.3000.
EURINR opened with positive bias found resistance and showed correction towards its support level and closed around it. Now, 79.0000 is seen as strong resistance zone for the currency pair breakout above this level it may find next resistance near psychological level of 80.0000.
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