INR forecast: INR open stronger at 68.47 as against previous close of 68.62 and may trade the day between 68.30-68.56 under two way price action.
Overnight crude fell by almost 3% and USD index was also sober. Resulting in INR gains
A break below 6825-30, would open up levels of 6770-6780. Untill then, same range of 6830 to 6890/6910
In the overseas market:
- With no major trigger currencies including USD remained mixed and ranging.
- China planned to impose fresh tariff on U.S goods worth of USD 16 Bn from 23rd of Aug’18.
- The People’s Bank of China (PBOC) set the Yuan reference rate at 6.8317 vs. previous day’s fix of 6.8313.
This morning most of Asian currencies and equities are strong.