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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

USD/INR

Overview:
    Today Last Price: 69.965
    Today Daily change: 1.5e+3 pips
    Today Daily change %: 0.208%
    Today Daily Open: 69.82
Trends:
    Previous Daily SMA20: 70.4774
    Previous Daily SMA50: 71.2255
    Previous Daily SMA100: 71.8357
    Previous Daily SMA200: 69.772
Levels:
    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

 

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