Rupee opens lower, may appreciate on decline in crude prices, risk on sentiments in global equity markets
时间:2024-06-26 07:55:08 阅读(143)
The Indian rupee opened lowers lower at 81.62 per dollar on Thursday against the previous close of 81.57. Rupee is likely to appreciate on Thursday amid weakness in the US dollar, rising risk in equity markets, and a decline in crude oil prices. The local unit is expected to gain strength on expectations of improved economic data from India. CPI data is likely to show inflation remained within RBI’s comfort zone for a second consecutive month. Industrial production data is likely to show that output grew in November. “US$INR (January) is expected to appreciate towards 81.40 as long as it remains below the 50-day SMA at 82.10,” said ICICIdirect.Rupee to trade with a positive bias
“Indian Rupee appreciated by 0.23% on Wednesday extending gains of the previous day on foreign inflows from bonds selling and positive domestic equities and overall weakness in crude oil prices. However, FII outflows and recovery in US Dollar capped sharp gains. Dollar gained as traders are adjusting their positions ahead of US CPI inflation data. Dollar also gained on safe-haven appeal as World Bank trimmed 2023 global GDP forecast to 1.7% citing Russia-Ukraine conflict, inflation, and higher interest rates as the main reasons. We expect Rupee to trade with a positive bias amid risk-on sentiments weak crude oil prices. However, sustained outflows by foreign investors may cap sharp gains. Investors may remain cautious ahead of inflation data from US and India tomorrow. USDINR spot price is expected to trade in a range of Rs 81 to Rs 82,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
USDINR pair breaks below one-year trendline, price action critical“We have been seeing a selloff in the USDINR pair since the past couple of sessions. The intensity of the selloff is such that the pair has managed to break and close below the 81.80 mark. if we look at the dollar, the dollar index has been steady around the 103.20 mark as the traders wait for the US CPI data to get a gauge of the next move by the FED. Technically, the USDINR pair has broken below a one-year trendline, so the price action around this level is crucial to watch. In the sessions to come we might see the pair find support near the 81.50 zone and on the upside, we might see the resistance come in near the 82.20 level,” said Anindya Banerjee, VP – Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.
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