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Indian Rupee at day's low

ICICIdirect expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions.

November 28, 2019 / 03:05 PM IST

The Indian rupee erased all its morning gains and trading at day's low at 71.61 per dollar, with domestic equity market trading with marginal gains.

It opened higher at 71.32 per dollar on Thursday versus previous close 71.35 per dollar.

On November 27, the rupee ended 15 paise higher at 71.35 against the US dollar on the back of gains in domestic equities and continued foreign fund inflows strengthened investor sentiments.

The Sensex was up 66.63 points or 0.16% at 41087.24, and the Nifty was up 37.60 points or 0.31% at 12138.30.

"This week, market had reacted very positively to the rhetoric on hopes of US-China reaching a Phase One deal. However, Trump’s support towards Hong Kong protestors has heightened tensions in the market," said Rahul Gupta, Head of Currency - Research, Emkay Global Financial Services.

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"For the day, the fall in crude oil prices will support the rally in rupee, however, it will be limited on fears that Trump’s support may infuriate China and complicate the trade deal. For the day, we expect spot to trade within 71.25-71.55. A break of 71.55 can take prices higher towards 72 level," he added.

Gold rose on Thursday as investors bought the safe-haven metal amid new doubts about whether the United States and China will sign a trade deal after President Donald Trump signed legislation supporting protesters in Hong Kong, irking Beijing.

Oil prices fell, extending losses from the previous session after official data showed US crude and gasoline stocks rose against expectations and production hit a record.

The dollar-rupee December contract on the NSE was at 71.56 in the previous session. Open interest increased 22.20% in the previous session, said ICICIdirect.

We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.
Moneycontrol News
TAGS: #Rupee
first published: Nov 28, 2019 09:00 am

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