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Published on 16/05/2019 12:05:51 PM | Source: Geojit Financial Services Ltd

Oil prices remain volatile on US stockpiles rise - Geojit Financial

Posted in Currency Report| #Currency Tips #Geojit Financial Services Ltd

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Easing oil prices and higher opening in equity markets aided the domestic currency markets in the first half while RBI's announcement of conducting open market operations supported the currency to close higher for a second straight day. Local unit yesterday opened at 70.32 a dollar and made an intraday high and low of 70.17 and 70.39 respectively before settling at 70.34 against its previous close of 70.44. In the previous day, Rupee appreciated by 7 paise. Oil prices remain volatile on US stockpiles rise and tensions in Middle East.

FIIs remained sellers in the capital market segment; offloaded shares worth Rs 1142.44 as yesterday's per provisional data. DIIs on the other end were buyers to the tune of Rs 671.77cr. Today the markets may take cues from India's trade deficit data that widened to a 5-month high of $15.3 billion as gold imports jumped more than 50%. For Indian unit, 70.66 will be the immediate support below which it may fall to 71.25. On the flip side 69.84 and 69.34 will act resistance levels.

 

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