Overseas, the US dollar rose across the board in early Asian trade, climbing to a six-month high against the yen, after Federal Reserve Chairman Jerome Powell gave an upbeat outlook for the US economy and reinforced views that the Fed was on track to steadily hike interest rates.
Today, USD-INR pair is expected to quote in the range of 68.30 and 68.80, says Motilal Oswal.
The new notes will be printed using indigenous ink.
Today, USD- INR pair is expected to quote in the range of 68.40 and 68.95, says Motilal Oswal.
A combination of declining domestic macro stability and growing prospects of interest rate hike largely weighed on trade during the day.
Today, USD-INR pair is expected to quote in the range of 68.40 and 68.95, says Motilal Oswal.
A strong dollar in global markets on hopes that the greenback would gain from trade dispute triggered dollar buying by banks and importers in afternoon trade. Unabated capital outflows in the face of an increase in long-term US interest rates also weighed on the trade.
Utilise upsides in pair to initiate short positions, says ICICIdirect
Forex market witnessed a revival in sentiment after crude prices plunged the most in two years on supply glut worries after Libya said its four oil export terminals were reopening, ending a standoff that had closed most of its oil output.
USDINR pair is expected to quote in the range of 68.50 and 69.05, says Motilal Oswal.
According to the global financial services major, the rupee is expected to strengthen, and by the end of this financial year rupee is likely to be near 66, and by end-2019-20 at around 66.5.
Analysts said trade war between China and the US is putting pressure on all the Asian currencies
Utilise downsides in the USD-INR to initiate long positions, says ICICIdirect.
Utilise downsides in USD-INR to initiate long positions, says ICICIdirect.
Utilise upsides in USD-INR to initiate short positions, says ICICIdirect.
The Rupee has been the weakest since it had touched the 68.80 level against the US Dollar on August 28, 2013. It closed at 68.95 on July 5
In the cross currency trade, the rupee regained some lost ground against the pound sterling to finish at 91.13 per pound from 91.39 and also recouped against the Japanese yen to end at 62.27 per 100 yens as compared to 62.33 earlier.
Congress spokesperson Manish Tewari cited the RBI data which suggests that deposit growth in banks has slowed down by 7.59 percent year on year, saying it signifies an erosion of people's confidence in the banking system.
In the poll of 45 strategists taken July 2-5, the rupee was forecast to weaken to 68.90 per dollar by June 2019, slightly down from Wednesday's close of 68.69.
Today, USD-INR pair is expected to trade sideways within narrow range of 68.55-69.20, says Motilal Oswal.
Subramanian also hinted at possibilities of a full-blown trade war in the world after imposition of Trump administration's tariffs, but said India can handle external shocks
Today, USD-INR pair is expected to quote in the range of 68.50 and 69.05, said Motilal Oswal.
Kunal Shah of Kotak Mahindra Life said investors with a 2-3 year horizon should look to add duration risks at current levels in the bond market
Today, USD-INR pair is expected to quote in the range of 68.50 and 69.05, says Motilal Oswal.
The rupee had fell to a record low of 69.10 last week.