Indian Rupee may trade on negative note on the back of rise in risk aversion in the global markets as the geopolitical tension in Iraq escalated. One can buy USDINR Jun on dips. It has resistance of 60.55/60.70, says Sushil Finance.
The Indian Rupee depreciated by 0.57 percent in yesterday's trading session and closed at 60.15 on the back of weak domestic market sentiments and rise in crude oil prices. Further, geopolitical tension in Iraq added downside pressure on the currency. In Addition Whole Sale price Index (WPI) accelerated to 5 month high of 6.01 percent. Investors remained cautious ahead of US FOMC Statement.
Outlook
Indian Rupee may trade on negative note on the back of rise in risk aversion in the global markets as the geopolitical tension in Iraq escalated. Further, rise in crude oil prices may add downside pressure on the currency. Dollar demand from importers and intervention from Central Bank may keep currency under pressure. In Addition Whole Sale price Index (WPI) accelerated to 5 month high of 6.01 percent. Investors will remain cautious ahead of US FOMC statement.
Technical Outlook
Currency - USDINR June
Strategy - Buy on Dips
Support - 59.7/59.95
Resistance - 60.55/60.70
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