INR opens stronger at 69.31 as against yest close of 69.35 and in the day trading range could be 69.15 to 69.45. yesterday, INR was relatively more stronger as compared to other Asian currencies. Market talk suggested FII- inflows.
Overnight, USD continued to slide down as Trump criticized US fed of not cutting interest rates. Gold is rising handsomely and so is JPY and EUR. We think EUR rose could pause after G 20 meeting. In another development, US out additional sanctions on Iran officials. However crude did not react.
Suggest to use dips of today to cover very near term (2-3 days) imports. Export hedging could wait