Seema Yadav
Research Analyst, IndiaNivesh Securities Limited
Dollar/rupee ended near one-week low Monday on selling by foreign banks tracking a weak greenback after dovish comments from Federal Reserve Chair Jerome Powell. Technical, USDINR traded volatile yesterday and settled at 69.80 compared to previous day close of 69.87. It made a low 69.38 and rebounded towards 70.0850 before closing. Intraday price action resulted in formation of high wave candle stick which is indicating for indecisive trend. In near term, 70.25 will act as an immediate resistance and break above only will expect to test 70.50 and above, else any rise towards 70.05-70.10 could attract selling activities.
Major Economic Data & Events Released Yesterday/Earlier today
Euro zone retail sales in the 19 countries sharing the euro were up 0.6 percent month-on-month, much more than the 0.1 percent rise forecast by economists polled by Reuters.
