INR opens 69.28 as against yesterday close of 68.29 and may trade in the range of 69.00 to 69.38. Yesterday INR saw huge intraday gains from 69.58 to 69.29 in the matter of few minutes. Market talk suggested USD inflow from Vodafone rights issue and traders taking position as NCLAT said that it may consider asking Arcelor to deposit 42K crore in its Apr 23rd hearing.
On the global front, crude saw mild loss as Putin said that sharp oil price rise is not good. Technically also, crude looks to retrace from 72 levels. Today most Asian equities are in red and currencies are flat.
Suggest to cover next 2-3 days import around 69.05-69.10 levels.