According to an exclusive ET survey of market experts, the Indian National Rupee (INR) is likely to trade in the 69-73 range against its American counterpart heading into the general elections scheduled in May.
Key Findings:
“The majority of the 25 participants polled in the survey said the benchmark bond yield could fall 25-45 basis points from the current level of 7.45 percent.
About half the participants expect rates to decline about 50 basis points. Global crude prices peaked at $86 per barrel on October 3, but have entered the bear market since. Such a sharp fall has lowered broader market concerns over India’s current account deficit.
The rupee is likely to trade in the range of 69 to 73 to a dollar, said most of the poll participants, who expect bouts of volatility in the run-up to the general elections, expected in April-May.
The uncertainty could send the rupee closer to its record low of 74.48, hit on October 11 last year.”
It’s worth noting that the Indian Rupee clocked fresh five-month highs versus the US dollar, knocking-off the USD/INR cross to the lowest level since early August 2018.
The USD/INR pairing fell as low as 69.18 in the Asian trades before recovering sharply to the 69.90 level, up +0.53% on the day.
USD/INR Technical Levels
USD/INR
Overview:
Today Last Price: 69.815
Today Daily change: 2.6e+3 pips
Today Daily change %: 0.374%
Today Daily Open: 69.555
Trends:
Previous Daily SMA20: 70.6116
Previous Daily SMA50: 71.2975
Previous Daily SMA100: 71.8358
Previous Daily SMA200: 69.7485
Levels:
Previous Daily High: 70.34
Previous Daily Low: 69.47
Previous Weekly High: 70.5255
Previous Weekly Low: 69.435
Previous Monthly High: 72.82
Previous Monthly Low: 69.505
Previous Daily Fibonacci 38.2%: 69.8023
Previous Daily Fibonacci 61.8%: 70.0077
Previous Daily Pivot Point S1: 69.2367
Previous Daily Pivot Point S2: 68.9183
Previous Daily Pivot Point S3: 68.3667
Previous Daily Pivot Point R1: 70.1067
Previous Daily Pivot Point R2: 70.6583
Previous Daily Pivot Point R3: 70.9767
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