Wait...
  1. Home >
  2. Export Import News >
  3. Foreign Exchange >
  4. View: Rupee likely to trade in 70.60-71.40 range >
  5. View: Rupee likely to trade in 70.60-71.40 range

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

View: Rupee likely to trade in 70.60-71.40 range.


Date: 09-11-2019
Subject: View: Rupee likely to trade in 70.60-71.40 range
By Bhavik Patel

The rupee has two shining angels to thank for its strength. First is strong equity market.

Indian market is near record highs and strong FII inflows are also helping the rupee’s cause. October figure suggests FII bought Rs 8,955 crore, while for two days of November they were net buyers to the tune of Rs 395 crore.

So clearly, strong equity market is helping the domestic unit. On November 4 alone, FII bought to the tune of Rs 3,470 crore in equity and debt.

As seen from the chart below, we could see FIIs turned bullish from late October and continues to be net buyers in November.

Another factor for the strong rupee is strong yuan. China’s offshore yuan has surged past 7 per dollar as US-China trade talks were progressing well and there was optimism over signing Phase I deal this month. Another reason for yuan’s strength is Chinese central bank’s decision to trim lending rates by only five basis points. The optimism has spilled over to other currencies such as Australian dollar, Indian rupee and New Zealand dollar.

We can see yuan at 3-month high and breaking 7 per dollar barrier. After three months it has closed below 50-Day moving average and now is poised to test 200-DMA.

Here we can see the comparison between Chinese Offshore yuan and the rupee. Since June they both are trading in a similar fashion and now the appreciation of yuan is helping the domestic unit to appreciate. Both FII inflows and strong yuan are helping the rupee to appreciate against the dollar.

USD-INR’s 200-DMA comes at the 71.55 level and only if the pair sustains above that level, we see the rupee depreciating. Rupee has ample support around 70.40, so we don’t expect it to sustain below that level. We expect rupee to trade in the range of 70.60-71.40.

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 01-06-2020
Notification No. 08/2015-2020-DGFT
Amendment in Export Policy of Alcohol based Hand Sanitizers

Date: 01-06-2020
Public Notice No. 07/2015-2020
Amendments in the Appendix 3B, Table 2 of the Merchandise Exports from India Scheme (MEIS)

Date: 01-06-2020
Public Notice No. 09/2015-2020
Amendments in the Appendix 3B, Table 2 of the Merchandise Exports from India Scheme (MEIS)

Date: 01-06-2020
Trade Notice No. 13/2020-21-DGFT
Implementation of MoU between India and Mozambique for import of pigeon peas and other pulses grown in Mozambique during 2020-21

Date: 01-06-2020
Instruction No. 08/2020-Customs
24x7 Customs Clearance at all the Customs Stations - reg

Date: 29-05-2020
Circular No. 26/2020-Customs
Review of Circular No. 17/2020 dated 03.04.2020 namely, 'Measures to facilitate trade during the lockdown period- section 143 AA of the Customs Act, 1962'

Date: 29-05-2020
Notification No. 48/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

Date: 28-05-2020
Notification No. 07/2015-2020
Amendment in Export Policy of Paracetamol API

Date: 28-05-2020
Instruction No. 7/2020- Customs
Special drive for disposal of applications for fixation of Brand Rate of Duty Drawback.

Date: 27-05-2020
Notification No. 9/2020-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of 'Electronic Calculators of all types excluding calculators with attached printers, commonly referred to as printing calculators; calculators with ability to plot charts and graphs, commonly referred to as graphing calculators; programmable calculators',originating in, or exported from, People's Republic of China for a period of five years, in pursuance of final findings of sunset review investigations issued by DGTR and in supersession of the notification No. 24/2015- Customs (ADD), dated the 29th May, 2015.



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001