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USD/INR: Rupee to end 2019 at 71.15 – Bloomberg survey

According to the median estimate in a Bloomberg survey of economists, the Indian National Rupee (INR) will end 2019 at 71.15 per dollar.

Meanwhile, a separate survey of strategists showed that the Rupee is likely to be a top performer in 2019 after largely painful 2018.

Key Reasons cited:

Rupee forecasters' base case is that the Bharatiya Janata Party (BJP) will return to power with the help of coalition allies.

The slump in crude and hopes of a slowdown in the pace of tightening by the Federal Reserve mean the high-yielding currency may resume its winning ways next year,

Hugo Erken, Senior Economist at Rabobank noted: “Number of developments bode well for INR in the short term; expect it to bottom out to 69.1 in May Inflation has been surprising on the downside and Fed has softened its tone Expect BJP to win sufficient seats for a majority with partners; it may have to resort to coalition-based politics, which will likely stall business-friendly reform agenda USD/INR forecast for four quarters -- 70.8, 69.3, 70 and 70.4.”

USD/INR Technical Levels

USD/INR

Overview:
    Today Last Price: 70.1825
    Today Daily change: -4.7e+3 pips
    Today Daily change %: -0.662%
    Today Daily Open: 70.65
Trends:
    Previous Daily SMA20: 70.9651
    Previous Daily SMA50: 72.1466
    Previous Daily SMA100: 71.7541
    Previous Daily SMA200: 69.4525
Levels:
    Previous Daily High: 70.75
    Previous Daily Low: 69.8475
    Previous Weekly High: 72.82
    Previous Weekly Low: 70.8605
    Previous Monthly High: 74.09
    Previous Monthly Low: 69.5705
    Previous Daily Fibonacci 38.2%: 70.4052
    Previous Daily Fibonacci 61.8%: 70.1923
    Previous Daily Pivot Point S1: 70.0817
    Previous Daily Pivot Point S2: 69.5133
    Previous Daily Pivot Point S3: 69.1792
    Previous Daily Pivot Point R1: 70.9842
    Previous Daily Pivot Point R2: 71.3183
    Previous Daily Pivot Point R3: 71.8867

 

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