Rupee inches up, USDJPY higher

Tuesday,   23-Jul-2019   12:28 PM (IST)

The Indian rupee has inches up and is currently quoted 68.94/95 levels (12:25 pm) in the afternoon deals on slight dollar selling in the market and as domestic shares trimmed early losses. Rupee slipped to 69.0350/0450 levels early today as Asian currencies extended losses and as dollar index climbed to a one-week high. Dollar buying by foreign banks are weighing on rupee. At 12:25 PM, the S&P BSE Sensex was trading at 38,062, up 31 points, while the broader Nifty50 was at 11,356, up 9 points. As per the technical indicators, range for USDINR pair for the remaining part of the day may be 68.85-69.20 levels. Rupee has an immediate support at 69.00 levels. A breach of the same may see rupee at 69.11 followed by 69.18 and 69.25 levels. On the positive side rupee is likely to face resistance at 68.90 levels and if it is able to break the same then it may gain up to 68.81 levels followed by 68.68 and 68.55 levels. In the forward segment 1mth, 3mth and 6mth annualized premia are currently trading at 4.08%, 3.96% and 4.12% respectively.

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