Release Time:2018-12-31 08:29
The rupee settled at 69.94 to a dollar, against 70.35 at previous close. Most Asian currencies ended higher against the dollar. For the week, the domestic currency gained 0.3%, adding to last week's gains of over 2 percent. The Indian rupee rose for a second straight week against the dollar in a holiday-truncated week, tracking strength in regional and local shares amid volatile crude oil prices. Trump has in recent weeks been increasingly critical of Fed's monetary tightening, which he said is hurting economic growth. The Fed, last week, raised rates for the fourth time this year, despite Trump's recent criticism. Last week, reports that officials of U.S. and China will meet in Beijing on Jan. 7 supported sentiments for risk assets. However, Reuters reported that Trump's administration was considering an executive order in the New Year to declare a national emergency that would bar U.S. companies from using products made by Chinese firms Huawei Technologies and ZTE.
USDINR is expected to trade with sideways bias with buying recommended at lower levels. It has resistance at 70.30(142.04) /70.60 (141.44) while support is at 69.70(143.26) mark.