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USDINR October 22 - 26 Outlook

Release Time:2018-10-22 02:12

The rupee settled at 73.32 to a dollar, its highest since Oct. 1, against 73.60 at previous close. The currency fell to 73.65 after opening flat, before rebounding to the day's high of 73.30 in late trade, helped by remittance inflows and exporters' dollar sales. The Indian rupee recorded its biggest weekly gain in eight weeks against the dollar, as the nation's trade deficit narrowed to a five-month low amid easing crude oil prices. However, hawkish remarks by the U.S. Federal Reserve and weak risk sentiment in global markets limited further gains. India's foreign exchange reserves fell by $5.14 billion during the week ended Oct. 12 to $394.5 billion. The decrease was due to a fall in the foreign currency assets to $370 billion from $375.23 billion a week earlier. India's trade deficit narrowed to a five-month low of $13.98 billion in September against $17.39 billion in the previous month, even as exports fell on year, data showed last week.

Technical Outlook

USDINR is expected to trade sideways in today's session. It has resistance at 73.50 (135.86) while support is at 73.20(136.42) followed by 73.00 (136.79) mark.