Utilise the downsides in the pair to initiate long positions, says ICICIdirect.
The Indian rupee is trading at day's low level, as it is down 16 paise at 69.50 per dollar against previous close 69.34.
On June 12 the rupee ended 10 paise higher at 69.34 which is the second straight session of gains on the back of easing crude prices.
The rupee extended gains for another session to end almost 10-paise higher versus the USD amidst weakness in oil prices and domestic yields cool off. It is expected to open mildly weaker today while moves in the CNY remain crucial trigger for EM currencies in the backdrop of consolidation seen in the dollar said ICICIdirect.
The Dollar Index was slightly higher against major currencies tracking higher real average earnings growth. However US May CPI fell to 1.8% v/s expectation of 1.9% which weighed on yields. For EM currencies, Chinese Yuan moves remains a key factor. Currently, it is trading near 6.9180. However, as trade tensions continue to simmer, a move towards 7 cannot be ruled out.We expect the USDINR to find supports at lower levels. Utilise the downsides in the pair to initiate long positions, it added.
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