The USD/INR pair opened
the session on stronger note near 71.77 levels against previous close of 71.45
levels. The weaker opening in rupee can be attributed to the spike in USD/CNH
levels on Trump rhetoric and broad strength in US dollar index, which remained biddish
above 98.00 handle. In UK Brexit party extended support to conservatives as it
will not fight election on 317 seats, which were won by Conservative in 2017.
Going forward, USDINR pair
will take further cues from Powell’s speech, later during the day, as market
expects more clarity on monetary policy. On domestic front, high frequency data
remain sluggish as Industrial production contracted by 4.3%. Range for the day
for USDINR 71.45-71.90 levels.
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