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Indian Rupee Price News and Forecast: USD/INR attempts recovery from three-month lows

USD/INR attempts recovery from three-month lows, 71.00 back on sight?

USD/INR is seeing some fresh signs of life in the European trading this Friday, having fallen to the weakest levels in three-months just ahead of the 70.50 level earlier today.

The spot turned green for the first time in five trading sessions after the Indian rupee came under fresh selling pressure on persistent greenback purchases by state-run banks trimmed early gains due to optimism over a US-China trade deal. According to a deal at an Indian state-run bank, “State-run banks have been actively buying dollars from around 70.55 levels, likely on behalf of the RBI.” Read more…

USD/INR

Overview
Today last price70.6905
Today Daily Change0.1735
Today Daily Change %0.25
Today daily open70.517
 
Trends
Daily SMA2071.4422
Daily SMA5071.2508
Daily SMA10071.1704
Daily SMA20070.2519
 
Levels
Previous Daily High70.9575
Previous Daily Low70.517
Previous Weekly High71.98
Previous Weekly Low71.1775
Previous Monthly High72.37
Previous Monthly Low70.4975
Daily Fibonacci 38.2%70.6853
Daily Fibonacci 61.8%70.7892
Daily Pivot Point S170.3702
Daily Pivot Point S270.2233
Daily Pivot Point S369.9297
Daily Pivot Point R170.8107
Daily Pivot Point R271.1043
Daily Pivot Point R371.2512

India: Leading indicator yet to show sign of recovery – Standard Chartered

In view of Kanika Pasricha, economist at Standard Chartered, India’s GDP growth is widely expected to have bottomed out in Q2-FY20 (ended September 2019) at 4.5%, marking its six-and-a-half-year low and to recover in H2-FY20.

Key Quotes

“Our composite leading indicator continued to slow in October, suggesting that growth concerns remain. The indicator shows that the investment slipped more sharply than consumption, with the latter supported by festive-season demand and the impact of key state elections. Consequently, the increase in currency in circulation was much higher than seasonal trends, at INR 700bn in October 2019.” Read more...

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