USD/INR: Rupee to trade in 69-73 - ET Survey
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.
“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
Today Last Price: 69.815
Today Daily change: 2.6e+3 pips
Today Daily change %: 0.374%
Today Daily Open: 69.555
Previous Daily SMA20: 70.6116
Previous Daily SMA50: 71.2975
Previous Daily SMA100: 71.8358
Previous Daily SMA200: 69.7485
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