USDINR Outlook for the Week

Release Time:2018-06-11 01:30

The rupee ended lower at 67.50 to a dollar, the biggest single-session decline since May 29, against 67.12 at previous close. Intraday, it fell to 67.78 but dollar sales by at least one large private lender and a handful of state-run lenders, likely on behalf of the central bank, capped losses. The Indian rupee posted its first weekly decline against the dollar in three weeks, as emerging market peers fell amid expectations of higher borrowing costs in the world's largest economy. The Federal Reserve's policy outcome is due on Jun. 12-Jun.13. The authority is almost certain to raise rates by a quarter percentage points and is expected to signal that it remains on course for the path for monetary policy normalization.

USDINR is expected to trade sideways on Mondays session. It has support at 67.30 (DINR - 148.80)whereas resistance is placed at 67.75 (DINR 147.81).