Rupee opens lower at 69.75 per dollar

Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, says Motilal Oswal.

The Indian rupee slipped in the early trade on Friday. It opened lower by 31 paise at 69.75 per dollar on Friday against the previous close of 69.44.


On June 20 Indian rupee rose 24 paise to close at Rs 69.44 against the US dollar on the back of a rally in the domestic equity market.

The rupee rose following a dovish commentary by the Fed, who decided to keep doors open for a rate cut in the near future. US 10-year yields came under pressure after the Fed signaled to cut rates. The Fed has certainly become more dovish than they were earlier in the year and it seems pretty likely that they are going to cut the rate at the July meeting, said Motilal Oswal.

The rupee is likely to react more to global factors than to domestic factors which could keep the volatility high. The focus will now shift to the G20 meeting that is scheduled next week and market participants will be keenly waiting for the outcome on the trade talks between the US and China.

Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, it added.

A special offer this week. take 2 days  free trial in Stock Market Tips and MCX Tips 

Comments

Post a Comment

Popular posts from this blog

Technical Classroom: How to use Fibonacci Retracement Levels in stock trading

Image
Fibonacci retracement is a method of technical analysis for determining support and resistance levels A Fibonacci retracement is a popular tool among technical traders and is based on some key numbers. The origins of the Fibonacci series can be traced back to the ancient Indian mathematic scripts, with some claims dating back to 200 BC. However – in the 12th century - Leonardo Pisano Bigollo, an Italian mathematician who was known to his friends as Fibonacci, discovered Fibonacci numbers. It is a popular tool that technical traders use to help identify price levels for transactions, stop losses or target prices. These retracement levels also provide support and resistance levels for a stock. However, it really becomes most effective when confirming signals or conditions identified by additional technical analysis tools. Fibonacci Retracement is a method of technical analysis for determining support and resistance levels. It is named after the use of the Fibonacci sequ...
Read more

Veto Switchgears jumps 5% on realisation of unsecured loan

Image
Veto Switchgears had given unsecured loan to its wholly owned overseas subsidiary Veto Overseas Private F.Z.E. Veto Switchgears and Cables shares rallied 4.8 percent intraday on June 14 after realization of unsecured loan from a subsidiary. "We realized an amount of $1 million against an unsecured loan on June 13," the wires & cables and electrical accessories manufacturer said in its filing. Veto Switchgears had given unsecured loan to its wholly owned overseas subsidiary Veto Overseas Private F.Z.E. The stock climbed 10 percent in the last 15 sessions. At 13:13 hours IST, it was quoting at Rs 66.75, up to Rs 1.10, or 1.68 percent on the BSE. G et a 2 days free trial in Stock Market Tips and MCX Tips  
Read more

Trade Setup for Wednesday: Top 15 things to know before Opening Bell

Image
Rohit Singre of LKP Securities said index formed bullish candle on daily chart suggesting some more upside before expiry. The market rebounded sharply on June 25 after a correction in the previous two consecutive sessions. Overall though it has remained in a 200-point range on the Nifty for the last several sessions. The buying was across sectors with Nifty Metal rising most with 1.7 percent gain followed by PSU Bank (up 1 percent). The BSE Sensex gained 311.98 points to close at 39,434.94 while the Nifty 50 climbed 96.80 points to 11,796.50 and formed bullish candle resembling a Bullish Engulfing kind of pattern on daily charts. "Index has managed to sustain above previous day's high forming Bullish Engulfing candlestick pattern indicating a positive bias to continue towards 11,980-12,070 levels, unless it trades below 11,720 levels," Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors told Moneycontrol. He said any decisive...
Read more