Release Time:2019-06-10 03:35
Rupee remained dropped as pressure after bids form oil importers after crude prices continued to rise and on likely foreign portfolio outflows from local debt market. A weak employment data amid fears of ongoing trade disputes the US is engaged with China and Mexico leading to recession in the world's largest economy will strengthen hopes of easing by the Fed. Traders Foreign Portfolio Investors who had been net buyers in the country's sovereign debt recently may have resorted to profit booking after the yields plunged, leading to dollar outflows. India’s slowing economic growth is of serious concern and the country needs to urgently cut tax and interest rates to revive the economy. The economy grew 6.6% in the three months to December - the slowest pace in five quarters - and the Federation of Indian Chambers of Commerce & Industry (FICCI) said the bigger worry was that domestic consumption was not growing fast enough to offset a weakening global economic environment. The new government should cut corporate and individual taxes, expand a programme of handing 6,000 rupees ($86) a year to poor farmers to boost consumption demand and consider tax concessions for export-oriented manufacturers. India’s services sector expanded at its slowest pace in seven months in April as some businesses postponed decisions and expansion plans until seeing results of the general election currently under way, a private survey showed. Technically now USDINR is getting support at 69.33 and below same could see a test of 69.15 level, and resistance is now likely to be seen at 69.68, a move above could see prices testing 69.85.
USDINR trading range for the day is 69.18 (145)-69.88(143).