Market Highlights & Commentary:
- INR opens 70.13 as against yesterday’s close of 70.25 and may trade the day between 69.90-70.20 under two-way price action.INR is near major resistance of 70.40 and should see a retracement. Such levels could be used to hedge long term exports in large lots
- Yesterday following a surge in the oil price to 75.50 major weakness in INR was witnessed. USD demand from oil importers and foreign banks lead to a major fall in INR to 70.27.
- In the overseas market, USD remained flat against other major currencies ahead of US GDP growth scheduled to be released later in the day and crude also lost steam.
- Rising uncertainty over May Theresa resignation led GBP to drop to 1.29.
- This morning other Asian currencies mixed while equities are weak.