Friday, 31 August 2018

Good Morning!

Indian Rupee fell to its new lifetime low yesterday followed by Indonesia’s Rupiah which slid to a two-decade low and other Asian Currencies making new lows. Worries over large imports payments in India amid higher crude prices and countries Short-term external debt maturing in the coming months is pulling the Rupee lower. Countries with high Current Account Deficits were hit to their lowest levels as the US economy continued to grow robustly and Fed is on course to further raise rates. President Trump said to back tariffs on $200 Billion worth of Chinese imports into the US. Global Equities were broadly trading negative as investors remained cautious about the US – Canada trade deals and fresh US tariffs on Chinese goods. Indian Rupee is likely to open weaker near 71.10 and is expected to trade between 70.85 to 71.35 range for the day.

Karvy Forex.

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Volume and Open Interest suggesting an accumulation in USDINR

USDINR futures prices were seen consolidating while  volumes  and OI were seen increasing suggesting accumulation.