USDINR Outlook for the Week

Release Time:2018-06-04 02:07

The rupee closed at 67.06 to a dollar, against 67.40 at previous close. It fell to 67.46 before cutting all losses and rising to the day's high of 66.99. The European Union, Canada and Mexico said that they will respond to new US tariffs on steel and aluminum with punitive measures targeting American products worth billions of dollars. The European Union has said that its retaliatory measures, which could be in place as soon as June 20, would include 25% tariffs on American products including motorcycles, denim, cigarettes, cranberry juice and peanut butter. The U.S. economy continued to add jobs at a solid clip in May, with nonfarm payrolls up 223,000 and the unemployment rate falling to an 18-year low of 3.8 percent. India's foreign exchange (Forex) reserves plunged by $2.23 billion as on May 25.

USDINR is expected to trade with negative bias in today's session. It has resistance at 67.30 mark whereas support is at 67.00 levels.