Indian Rupee Price News and Forecast: USD/INR stays below 71.00 as bulls and bears jostle over US-China trade relations


India plans new law to protect foreign investment

Citing two Indian government officials with direct knowledge of the matter, Reuters reports on Thursday that India is considering drafting a new law to safeguard foreign investment that would aim to attract more capital from overseas. This effort by India is seen boosting dwindling domestic growth.

The official said: “The idea is to attract and promote foreign investment, but a major issue for investors is the enforcement of contracts and speedy dispute resolution.”

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USD/INR stays below 71.00 as bulls and bears jostle over US-China trade relations

USD/INR trades near 70.78, after repeated failures to take-out 71.00, during the pre-European session on Thursday. The pair fails to portray optimism surrounding the US-China trade deal and the Indian government’s expected policy measures amid skepticism.

The US and China have finally managed to sign the phase-one of the trade deal that includes China’s promise of $200 billion worth of trade balance reduction with the US and Washington cutting off Beijing from the currency manipulator risk among many clauses. However, popular media, including Financial Times (FT) and Reuters, release the terms of the deal that pours cold water on the face of US-China trade optimists.

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USD/INR

Overview
Today last price 70.8468
Today Daily Change 0.1018
Today Daily Change % 0.14
Today daily open 70.745
 
Trends
Daily SMA20 71.2607
Daily SMA50 71.3522
Daily SMA100 71.2689
Daily SMA200 70.4972
 
Levels
Previous Daily High 71.14
Previous Daily Low 70.6825
Previous Weekly High 72.57
Previous Weekly Low 70.8485
Previous Monthly High 71.98
Previous Monthly Low 70.328
Daily Fibonacci 38.2% 70.8573
Daily Fibonacci 61.8% 70.9652
Daily Pivot Point S1 70.5717
Daily Pivot Point S2 70.3983
Daily Pivot Point S3 70.1142
Daily Pivot Point R1 71.0292
Daily Pivot Point R2 71.3133
Daily Pivot Point R3 71.4867

 

 

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