Overnight,
Trump’s positive comments on US China trade deal failed to have significant
market reaction. USD/CNH pair rebounded above 7.02 handle and USD/JPY pair
spiked above 109.00 handle. On the other hand, US dollar index eased slightly
as consumer confidence missed estimates. GBP/USD pair fell nearly 50 pips as
Kantar poll showed Conservative lead over Labour narrowed.
USD/INR
pair opened the session on a flat note at 71.44 against previous close of
71.49. Yesterday, partially convertible rupee had rallied nearly 20 paisa amid possible inflow
related to MSCI rejig. USD/INR pair has first support at 71.38-71.40 levels and
second support near 71.20. USD/INR pair has resistance near 71.70. Range for
the day 71.25-71.70.
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