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Published on 14/03/2018 10:10:49 AM | Source: LKP Securities Ltd

USDINR traded lower witnessed pressure from strong FII inflows - LKP Sec

Posted in Currency Report| #Currency Tips #LKP Securities Ltd

USDINR

* USDINR traded lower witnessed pressure from strong FII inflows and sharp rally in equity indices which helped rupee strengthening for the day. The selling from foreign banks for exporters amid weaker dollar also supported the down side.

* The dollar fell against most currencies on slower job growth rate as monthly U.S. job growth data was its strongest in over 1- 1/2 years while wage gains slowed more than expected, supporting the view the Federal Reserve would not quicken its pace on raising interest rates.

* We expect USDINR to trade sideways to down due to pressure in dollar with resistance at 65.20/65.40, support 64.70/64.50.

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