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Rupee lower, Euro higher vs. Dollar

Monday,   15-Apr-2019   12:22 PM (IST)

The Indian rupee is trading lower at 69.23/24 levels (12:15 pm) in the afternoon deals after touching the low of 69.3350/3450 levels tracking a jump in crude oil prices in the previous session, while spike in long-term U.S. yields outweighed upbeat regional risk appetite on U.S.-China trade deal hopes. However, traders will continue to watch lumpy dollar inflows and risk-on sentiments in global markets which may limit further losses in rupee. India's wholesale inflation accelerated to 3.18 percent in March as against 2.93 percent in February. Benchmark indices are trading positive. At 12:12 PM, the S&P BSE Sensex was trading at 38,889 up 122 points, while the broader Nifty50 was at 11,680, up 37 points. As per the technical indicators, range for USDINR pair for the remaining part of the day may be 68.90-69.50 levels. Rupee has an immediate support at 69.36 levels. A breach of the same may see rupee at 69.49 followed by 69.65 and 69.81 levels. On the positive side rupee is likely to face resistance at 69.06 levels and if it is able to break the same then it may gain up to 68.90 levels followed by 68.76 and 68.63 levels. In the forward segment 1mth, 3mth and 6mth annualized premia are currently trading at 5.52%, 4.73% and 4.43% respectively.

Asia started the week on a cheerful note, with the risk-on sentiment dominating across the financial markets, despite a number of mixed weekend headlines from the central bankers. Friday’s strong Chinese exports data, upbeat US banks earnings and renewed US-China trade optimism boosted the appetite for risk assets such as the equities, Antipodeans, the GBP, etc, at the expense of the safe havens gold, Yen, US dollar and Swiss France. The USD/JPY pair consolidated near five-week tops reached at 112.10 while the Aussie traded modestly flat below 0.7180 levels, largely weighed down by weaker oil and gold prices. Oil dipped this session following the Russian Finance Minister’s jawboning over the weekend. Meanwhile, gold prices hit the lowest levels since April 5th and kept its range near 1290 region. The Kiwi emerged the top gainer across fx board, up +0.20% near 0.6780 levels, despite downbeat New Zealand’s (NZ) March services PMI. The strength is the Kiwi can be attributed to positioning unwinding heading to the key NZ CPI release due later this Wednesday. Amongst the European currencies, the Cable bounced to 1.31 handle despite ongoing Brexit uncertainty while the EUR/USD pair held onto minor bids above the 1.1300 level amid broad USD weakness and mixed Treasury yields.