MUMBAI (Commoditiescontrol) - Indian rupee last week traded within the previous week range and settled slightly lower.
Rupee towards the end of the week gained a bit on the back of decline in crude oil prices and FII’s inflows in to the equity markets, as sensex scaled to new highs.
India’s GDP growth fell to 5.8% in Q4 of FY 2018-19, signaling slow in the Indian economy.
Further move on rupee will depend on progress of the South west monsoon, next week RBI meet on monetary policy, in which RBI may cut the key rates by 25 bps, and a slew of economic data from US and EU, which includes non-farm pay rolls, ISM, Non-ISM manufacturing data from the US.
Indian rupee may stay range bound till the presentation of new budget on July 05, by the new finance minister Nirmala Sitaraman.
Indian rupee last week was traded in the region of 69.34 and 69.99 and finally settled the week at 69.69 against the dollar as on May-31-2019. Support is seen in the region of 69.35-69.20- 68.90 levels. 70.10-70.30 will act as near term resistance.
(By Commoditiescontrol Bureau)
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