USD/INR: Robust FX reserves, USD stabilization to aid Rupee in 2019 – Standard Chartered
Analysts at Standard Chartered Bank offer their outlook on the USD/INR cross for 2019, with the key quotes found below.
“The rupee will have enough support over the next 6-12 months.“
“Attractive real yields (net of inflation), growth momentum and robust FX reserves of $394 billion and dollar stabilization” are likely to be positive for the rupee, while “lower global growth and trade will eventually impact the US economy and asset markets, causing the US Federal Reserve to slow the pace of rate hikes”.
“The dollar is expected to stabilize as interest rate differentials between the US and the rest of the world peak.”
It’s worth noting that the Indian National Rupee (INR) emerged the worst among Asian currencies in eight years and was down 8.46% in 2018. However, the Rupee kicked-off 2019 on a stronger note, having hit fresh five-month top versus its American peer at 69.18 a day before.
At the press time, USD/INR extends its yesterday’s rebound from 5-month lows and trades around the 70 handle amid a solid rebound in the US dollar and oil prices.
USD/INR Technical Levels
Today Last Price: 69.965
Today Daily change: 1.5e+3 pips
Today Daily change %: 0.208%
Today Daily Open: 69.82
Previous Daily SMA20: 70.4774
Previous Daily SMA50: 71.2255
Previous Daily SMA100: 71.8357
Previous Daily SMA200: 69.772
Previous Daily High: 69.9355
Previous Daily Low: 69.185
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%: 69.6488
Previous Daily Fibonacci 61.8%: 69.4717
Previous Daily Pivot Point S1: 69.3582
Previous Daily Pivot Point S2: 68.8963
Previous Daily Pivot Point S3: 68.6077
Previous Daily Pivot Point R1: 70.1087
Previous Daily Pivot Point R2: 70.3973
Previous Daily Pivot Point R3: 70.8592