Market Highlights & Commentary:
- INR opens at 69.45 as against yesterday’s close of 69.65 and may trade the day 69.30-69.60 under two way price action. Yesterday INR saw some weakness. We think it was because of one off buying. Broad trend continues to be range of 69.00 to 69.50
- In overseas market, crude retracted back towards 62. Chinese central bank official started that some movement is CNY is good and market interpreted as CNY devaluation as next step by China in response to US- China trade tensions. Let’s see how it unfolds. Need to keep close eye on CNY.
- Market is now focusing on tomorrow inflation figures for both India and U.S.
- This morning most of the Asian currencies are mixed and equities are strong.
- We continue to suggest to hedge long term export at upticks and wait for import hedging for levels closer to 69.10 -69.20