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Weekly Outlook: USDINR December 10 - 14

Release Time:2018-12-10 02:11

Market Commentary

The rupee settled at 70.80 to a dollar against 70.90 at previous close. The currency opened at 70.56 and rose to day's high of 70.44, before falling to an intraday low of 70.81. Most Asian currencies ended flat to higher against the greenback. The local unit snapped a three-week winning streak, dropping 1.7%, marking its biggest weekly decline since week ended on Oct. 5.  The Indian rupee logged its biggest weekly fall in two months against the dollar, on a broad selloff in regional and local equities, prompted by increasing doubts over the likely success of U.S.-China trade negotiations.  Economists surveyed by Dow Jones had been expecting payroll growth of 198,000 and the jobless rate to hold steady.  Meanwhile, India's rate-setting panel kept key interest rate and stance unchanged, preferring to wait and watch the evolving global factors, while lowering inflation forecast sharply, likely indicating at a prolonged pause on policy rate.

Technical Outlook

USDINR is expected to trade with positive bias with buying recommended at lower levels. It has resistance at 71.60 (139.47) while support is at 71.30(140.25) followed by 71.00 (140.64) mark.