Wednesday 27 November 2019

USDINR Daily Update - 27-Nov


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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