- Indian Rupee (INR) has hit the highest level since Aug. 14.
- The INR could remain bid in the near-term due to risk reset in markets.
Indian Rupee (INR) picked up a bid in early trade on Friday to hit a one-month high of 70.90 against the US Dollar.
The INR is looking strong at press time, having gained 0.45% and 0.85% on Wednesday and Thursday, respectively. The pair had risen to a high of 72.4025 on Sept. 3.
The Indian Rupee is gaining ground amid rising odds of a rate cut by the Reserve Bank of India in October. Analysts at Morgan Stanley expect the central bank to cut rates by 35 basis points next month.
The central bank has cut rates four times this year, starting from February.
INR to benefit from risk-on
Both Indian Rupee and Brazilian Real are likely to gain ground on the easing US-China trade tensions and the resulting risk reset in the financial markets, Zach Padl, Co-head of FX, Rates and EM Strategy at Goldman Sachs told Bloomberg.
Goldman Sachs, however, believes the trade talks are unlikely to result in a permanent deal. The US and Chinese negotiators are to meet next week to address trade issues, Vice Premier Liu He reportedly said earlier today.
|Today last price||70.9355|
|Today Daily Change||-0.0535|
|Today Daily Change %||-0.08|
|Today daily open||70.989|
|Previous Daily High||71.8425|
|Previous Daily Low||70.8735|
|Previous Weekly High||72.6325|
|Previous Weekly Low||71.4535|
|Previous Monthly High||72.375|
|Previous Monthly Low||68.849|
|Daily Fibonacci 38.2%||71.2437|
|Daily Fibonacci 61.8%||71.4723|
|Daily Pivot Point S1||70.6275|
|Daily Pivot Point S2||70.266|
|Daily Pivot Point S3||69.6585|
|Daily Pivot Point R1||71.5965|
|Daily Pivot Point R2||72.204|
|Daily Pivot Point R3||72.5655|
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