Informist, Thursday, Dec 15, 2022
By Pratiksha and Ananya Chaudhuri
NEW DELHI – The rupee fell sharply against the dollar today, mirroring a slump in domestic equity indices and due to a surge in the dollar index during European trade, dealers said.
The Indian unit settled 0.4% lower at 82.7600 a dollar.
The rupee had opened the day 17 paise lower at 82.6325 a dollar tracking fall in Asian currencies because of slightly hawkish comments of US Federal Reserve Chairman Jerome Powell after the policy outcome late Wednesday, dealers said.
After the Federal Open Market Committee raised the benchmark interest rate by 50 basis points to the target range of 4.25-4.50%, Powell said that recent signs of slowing inflation have not brought any confidence yet that the fight against inflation has been won.
Powell indicated that the Fed will deliver more interest rate hikes next year even if the economy slips towards a possible recession.
Just two hours into the trade, the Indian currency recovered its losses and rose to the day's high of 82.4100 as foreign banks, including a US-based bank, sold dollars, likely for foreign fund inflows on account of Carlyle Group and Advent International's investment in YES Bank.
Last week, YES Bank had said it would proceed with the planned stake sale to Carlyle Group and Advent International to raise $1.1 bln or 89 bln rupees.
"Indian rupee rose to 82.42 after opening at 82.65 due to flows of a commercial bank's stake buy today," said Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors LLP.
Moreover, foreign banks sold dollars for overseas investment into the ongoing initial public offerings, which too supported the Indian currency, dealers said.
The initial public offering of Landmark Cars Ltd opened for subscription on Tuesday and ended today. The initial public offering of Abans Holdings Ltd had opened for subscription on Monday and closed today.
Some banks sold the US currency on behalf of exporters around the 82.60 level, which also provided support to the local unit, dealers said.
However, foreign banks rushed to buy dollars at around 82.45 a dollar on behalf of importers and oil companies, which weighed on the Indian unit, dealers said.
During the final two hours of the session, the Indian unit fell almost 15 paise against the greenback as the dollar index surged above 104 during European trade, the first time since Monday, dealers said.
The dollar index surged as hawkish comments by US Federal Reserve officials diminished all hopes of a pause in rate hikes anytime in the near future.
At 1600 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was at 104.29 compared with 103.77 on Wednesday. It was at 103.98 on Tuesday.
"The dollar index is expected to strengthen from here in the coming days, given the hawkish view by Powell," said a dealer with a state-owned bank. "The overall outlook for rupee doesn't seem very bright from here."
Domestic equity indices slumped during the last leg of trade, which also weighed on the rupee, dealers said. The Nifty 50 and the Sensex ended down 1.3% and 1.4%, respectively.
Traders exercised caution ahead of the outcome of policy meetings of the European Central Bank and Bank of England, due later today.
| AT 1530 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 82.7600 | 82.6325 | 82.4100 | 82.7700 | 82.4600 |
FORWARDS
Premiums on dollar/rupee forwards rose as banks bought the greenback for forward delivery noting an arbitrage between the onshore forwards and offshore non-deliverable forwards rates, dealers said.
Premium on the one-year, exact-period dollar/rupee forward contract was at 166.92 paise against 162.05 paise at Wednesday's close. On an annualised basis, the premium was at 2.02% against 1.95% Wednesday.
"There was paying pressure because of arbitrage opportunity available in the NDF market," said a dealer with a state-owned bank.
The absence of selling of forward dollars by exporters also propped up the premiums, dealers said.
OUTLOOK
On Friday, the rupee will take cues from overnight movement in the dollar index and crude oil prices, dealers said.
Traders are also waiting for the policy meeting outcomes of the European Central Bank and Bank of England, due later today.
"The Fed meeting is behind us and now all eyes are on ECB and BoE. Both are expected to deliver 50 bps hikes," Amit Pabari, managing director, CR Forex said in a note. "It would be interesting to see the comments from their governor and economic projection for 2023."
Dealers see immediate technical support for the rupee at 82.80 a dollar and resistance at 82.20 a dollar. During the day, the rupee is seen at 82.30-82.80 a dollar.
India Rupee - World FX: Dollar rises on Fed Powell's hawkish comments
| AT 1442 IST | HIGH | LOW | PREVIOUS | |
| GBP/USD | 1.2307 | 1.2431 | 1.2297 | 1.2424 |
| EUR/USD | 1.0614 | 1.0685 | 1.0609 | 1.0681 |
| NZD/USD | 0.6375 | 0.6465 | 0.6375 | 0.6432 |
| AUD/USD | 0.6772 | 0.6872 | 0.6772 | 0.6863 |
| USD/JPY | 136.7700 | 136.7820 | 135.2440 | 135.4470 |
| USD/CAD | 1.3577 | 1.3589 | 1.3541 | 1.3544 |
| EUR/JPY | 145.1490 | 145.1700 | 144.3070 | 144.7052 |
| CHF/USD | 1.0762 | 1.0834 | 1.0751 | 1.0807 |
| EUR/CHF | 0.9861 | 0.9894 | 0.9839 | 0.9872 |
MUMBAI – The dollar strengthened against most major currencies during European trade today following US Federal Reserve Chair Jerome Powell's slightly hawkish comments after the Federal Open Market Committee's December meeting.
After the FOMC raised the benchmark interest rate by 50 basis points to the target range of 4.25-4.50% in the meeting, Powell said that the recent signs of slowing inflation have not brought any confidence yet that the fight against inflation has been won.
Powell indicated that the Fed will deliver more interest rate hikes next year even as the economy slips towards a possible recession.
At 1442 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was at 104.44 compared with 103.77. It was 103.98 on Tuesday.
The euro and the pound sterling were down by 0.5% and 0.7%, respectively, against the dollar. Trade volume remains muted as traders exercise caution ahead of the policy meeting outcomes of the European Central Bank and the Bank of England later today.
The two central banks are likely to raise the interest rate by 50 bps.
The yen fell 0.7% after data showed the country’s trade deficit came higher than expected in November, heralding more pressure on the economy.
The trade gap remained above 2 trln yen ($14.8 bln) for a fourth consecutive month in November, finance ministry figures showed today, far larger than the expected 1.68 trln yen.
The Australian dollar weakened sharply by 1.3% against the dollar in the wake of disappointing Chinese economic data. China's industrial production rose by 2.2% annually in November against the estimated 3.5%. This shows a slowdown from 5.0% in October.
China is Australia’s largest trading partner thereby economic outcomes in the former have a significant impact on the latter. (Aiswarya Santhosh)
India Rupee:Falls sharply as dlr index surges, domestic shares slump
| AT 1510 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 82.7500 | 82.6325 | 82.4100 | 82.7625 | 82.4600 |
MUMBAI – The rupee fell sharply against the dollar, as the dollar index surged above 104 in early European trade, the first time since Monday, dealers said.
The dollar index surged as hawkish comments by US Federal Reserve officials diminished all hopes of a pause in rate hikes anytime in the near future.
"We still have some ways to go," Fed Chair Jerome Powell said on Wednesday, while indicating that rates were likely to peak above 5%. "We will stay the course until the job is done."
At 1510 IST, the dollar index, which measures the strength in the greenback against a basket of six major currencies, was at 104.36 compared with 103.77 on Wednesday. It was 103.98 on Tuesday.
A slump in domestic equity indices also weighed on the Indian unit, dealers said. The Nifty 50 and the Sensex were down 1.3% and 1.2%, respectively
Traders also exercised caution ahead of the outcome of policy meetings of the European Central Bank and the Bank of England, due later today.
Dealers have pegged long-term support for the rupee at 82.80 a dollar.
The rupee is seen in the range of 82.30–82.80 for the rest of the day, dealers said. (Kabir Sharma)
India Rupee: Recoups losses as banks sell dlrs for IPOs, exporters
| AT 1308 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 82.5200 | 82.6325 | 82.4100 | 82.6650 | 82.4600 |
MUMBAI – The rupee recouped most losses against the dollar as foreign banks sold the greenback for overseas investment into the ongoing initial public offerings, dealers said.
Landmark Cars Ltd's initial public offering opened for subscription on Tuesday and will end today. The initial public offering of Abans Holdings Ltd had opened for subscription on Monday and will close today.
Some banks sold the US currency on behalf of exporters at around the 82.60 level, which also provided support to the local unit, dealers said.
However, some banks also bought dollars for importers and oil marketing companies that weighed on the Indian unit, they said.
"There was buying (of dollars) at the 82.45 level, which brought the rupee to around the 82.50 level," said a dealer with a private bank.
Traders remained cautious ahead of the European Central Bank and Bank of England's policy meetings later today, dealers said. Market participants have priced in a likely interest rate hike of 50 bps by both the central banks.
Dealers have pegged long-term resistance for the rupee at 82.20 a dollar.
The rupee is seen in the range of 82.30–82.70 for the rest of the day, dealers said. (Aiswarya Santhosh)
India Rupee: Down tracking fall in Asian units post hawkish Fed view
| AT 0946 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 82.6325 | 82.6325 | 82.6200 | 82.6650 | 82.4600 |
NEW DELHI – The rupee was sharply down against the greenback, tracking losses in Asian currencies following slightly hawkish comments from US Federal Reserve Chairman Jerome Powell after the Federal Open Market Committee's December meeting, dealers said.
Most of the Asian units were down 0.1-0.6% against the US dollar.
The US Federal Open Market Committee raised the benchmark interest rate by 50 basis points to the target range of 4.25-4.50%. Recent signs of slowing inflation have not brought confidence yet that the fight against inflation has been won, Powell said.
At 0946 IST, the dollar index, which measures the strength in the greenback against a basket of six major currencies, was at 103.83 compared with 103.77 on Wednesday. It was 103.98 on Tuesday.
Further, some banks stepped in to buy dollars on behalf of oil and other importers, which further weighed on the local currency, dealers said.
"Right now, there's buying (of dollars) for oil importers. Buying should continue around 82.60-82.65 (a dollar) levels," a dealer from a state-owned bank said.
Dealers have pegged long-term support for the rupee at 82.80 a dollar.
The Reserve Bank of India may step in to sell dollars around the 82.80- to 82.90-a-dollar level to prevent the Indian currency from falling beyond the psychologically-crucial 83-per-dollar mark, dealers said.
The rupee is seen in the range of 82.40–82.90 for the rest of the day, dealers said. (Ananya Chaudhuri)
India Rupee - Asia FX: Most units down on hawkish comments by US Fed
MUMBAI – Most Asian currencies were down against the dollar today after hawkish commentary from US Federal Reserve Chairman Jerome Powell diminished any hope of a rate cut, which dented risk sentiment for emerging markets.
"Our focus right now is really on moving our policy stance to one that is restrictive enough to ensure a return of inflation to our 2% goals over time, it's not on rate cuts," he said.
The Thai baht lead the losses amongst Asian currencies and was down by 0.7% against the dollar in early trade. The South Korean won weakened by 0.4% against the greenback tracking a 1% fall in Korean equities.
Bucking the trend, the Philippines peso was up 0.1% against the dollar as cash remittances by overseas Filipinos rose 3.5% on year in October to $2.91 bln, the Philippine central bank said. (Kabir Sharma)
India Rupee: Expected range for rupee - Dec 15
MUMBAI – Following are the expected support and resistance levels for the rupee today, as forecasted by leading banks and brokerages in an Informist poll:
| Participants | SUPPORT | RESISTANCE |
| State-owned bank | 83.00 | 82.30 |
| State-owned bank | 82.75 | 82.30 |
| Foreign bank | 82.80 | 82.30 |
| Foreign bank | 82.70 | 82.40 |
| Private bank | 82.80 | 82.40 |
| Private bank | 82.70 | 82.30 |
| Brokerage firm | 82.90 | 82.40 |
| Brokerage firm | 82.63 | 82.40 |
| Brokerage firm | 82.80 | 82.40 |
(Aiswarya Santhosh)
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
Informist, Thursday, Dec 15, 2022
By Pratiksha and Ananya Chaudhuri
NEW DELHI – The rupee fell sharply against the dollar today, mirroring a slump in domestic equity indices and due to a surge in the dollar index during European trade, dealers said.
The Indian unit settled 0.4% lower at 82.7600 a dollar.
The rupee had opened the day 17 paise lower at 82.6325 a dollar tracking fall in Asian currencies because of slightly hawkish comments of US Federal Reserve Chairman Jerome Powell after the policy outcome late Wednesday, dealers said.
After the Federal Open Market Committee raised the benchmark interest rate by 50 basis points to the target range of 4.25-4.50%, Powell said that recent signs of slowing inflation have not brought any confidence yet that the fight against inflation has been won.
Powell indicated that the Fed will deliver more interest rate hikes next year even if the economy slips towards a possible recession.
Just two hours into the trade, the Indian currency recovered its losses and rose to the day's high of 82.4100 as foreign banks, including a US-based bank, sold dollars, likely for foreign fund inflows on account of Carlyle Group and Advent International's investment in YES Bank.
Last week, YES Bank had said it would proceed with the planned stake sale to Carlyle Group and Advent International to raise $1.1 bln or 89 bln rupees.
"Indian rupee rose to 82.42 after opening at 82.65 due to flows of a commercial bank's stake buy today," said Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors LLP.
Moreover, foreign banks sold dollars for overseas investment into the ongoing initial public offerings, which too supported the Indian currency, dealers said.
The initial public offering of Landmark Cars Ltd opened for subscription on Tuesday and ended today. The initial public offering of Abans Holdings Ltd had opened for subscription on Monday and closed today.
Some banks sold the US currency on behalf of exporters around the 82.60 level, which also provided support to the local unit, dealers said.
However, foreign banks rushed to buy dollars at around 82.45 a dollar on behalf of importers and oil companies, which weighed on the Indian unit, dealers said.
During the final two hours of the session, the Indian unit fell almost 15 paise against the greenback as the dollar index surged above 104 during European trade, the first time since Monday, dealers said.
The dollar index surged as hawkish comments by US Federal Reserve officials diminished all hopes of a pause in rate hikes anytime in the near future.
At 1600 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was at 104.29 compared with 103.77 on Wednesday. It was at 103.98 on Tuesday.
"The dollar index is expected to strengthen from here in the coming days, given the hawkish view by Powell," said a dealer with a state-owned bank. "The overall outlook for rupee doesn't seem very bright from here."
Domestic equity indices slumped during the last leg of trade, which also weighed on the rupee, dealers said. The Nifty 50 and the Sensex ended down 1.3% and 1.4%, respectively.
Traders exercised caution ahead of the outcome of policy meetings of the European Central Bank and Bank of England, due later today.
| AT 1530 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 82.7600 | 82.6325 | 82.4100 | 82.7700 | 82.4600 |
FORWARDS
Premiums on dollar/rupee forwards rose as banks bought the greenback for forward delivery noting an arbitrage between the onshore forwards and offshore non-deliverable forwards rates, dealers said.
Premium on the one-year, exact-period dollar/rupee forward contract was at 166.92 paise against 162.05 paise at Wednesday's close. On an annualised basis, the premium was at 2.02% against 1.95% Wednesday.
"There was paying pressure because of arbitrage opportunity available in the NDF market," said a dealer with a state-owned bank.
The absence of selling of forward dollars by exporters also propped up the premiums, dealers said.
OUTLOOK
On Friday, the rupee will take cues from overnight movement in the dollar index and crude oil prices, dealers said.
Traders are also waiting for the policy meeting outcomes of the European Central Bank and Bank of England, due later today.
"The Fed meeting is behind us and now all eyes are on ECB and BoE. Both are expected to deliver 50 bps hikes," Amit Pabari, managing director, CR Forex said in a note. "It would be interesting to see the comments from their governor and economic projection for 2023."
Dealers see immediate technical support for the rupee at 82.80 a dollar and resistance at 82.20 a dollar. During the day, the rupee is seen at 82.30-82.80 a dollar.
India Rupee - World FX: Dollar rises on Fed Powell's hawkish comments
| AT 1442 IST | HIGH | LOW | PREVIOUS | |
| GBP/USD | 1.2307 | 1.2431 | 1.2297 | 1.2424 |
| EUR/USD | 1.0614 | 1.0685 | 1.0609 | 1.0681 |
| NZD/USD | 0.6375 | 0.6465 | 0.6375 | 0.6432 |
| AUD/USD | 0.6772 | 0.6872 | 0.6772 | 0.6863 |
| USD/JPY | 136.7700 | 136.7820 | 135.2440 | 135.4470 |
| USD/CAD | 1.3577 | 1.3589 | 1.3541 | 1.3544 |
| EUR/JPY | 145.1490 | 145.1700 | 144.3070 | 144.7052 |
| CHF/USD | 1.0762 | 1.0834 | 1.0751 | 1.0807 |
| EUR/CHF | 0.9861 | 0.9894 | 0.9839 | 0.9872 |
MUMBAI – The dollar strengthened against most major currencies during European trade today following US Federal Reserve Chair Jerome Powell's slightly hawkish comments after the Federal Open Market Committee's December meeting.
After the FOMC raised the benchmark interest rate by 50 basis points to the target range of 4.25-4.50% in the meeting, Powell said that the recent signs of slowing inflation have not brought any confidence yet that the fight against inflation has been won.
Powell indicated that the Fed will deliver more interest rate hikes next year even as the economy slips towards a possible recession.
At 1442 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was at 104.44 compared with 103.77. It was 103.98 on Tuesday.
The euro and the pound sterling were down by 0.5% and 0.7%, respectively, against the dollar. Trade volume remains muted as traders exercise caution ahead of the policy meeting outcomes of the European Central Bank and the Bank of England later today.
The two central banks are likely to raise the interest rate by 50 bps.
The yen fell 0.7% after data showed the country’s trade deficit came higher than expected in November, heralding more pressure on the economy.
The trade gap remained above 2 trln yen ($14.8 bln) for a fourth consecutive month in November, finance ministry figures showed today, far larger than the expected 1.68 trln yen.
The Australian dollar weakened sharply by 1.3% against the dollar in the wake of disappointing Chinese economic data. China's industrial production rose by 2.2% annually in November against the estimated 3.5%. This shows a slowdown from 5.0% in October.
China is Australia’s largest trading partner thereby economic outcomes in the former have a significant impact on the latter. (Aiswarya Santhosh)
India Rupee:Falls sharply as dlr index surges, domestic shares slump
| AT 1510 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 82.7500 | 82.6325 | 82.4100 | 82.7625 | 82.4600 |
MUMBAI – The rupee fell sharply against the dollar, as the dollar index surged above 104 in early European trade, the first time since Monday, dealers said.
The dollar index surged as hawkish comments by US Federal Reserve officials diminished all hopes of a pause in rate hikes anytime in the near future.
"We still have some ways to go," Fed Chair Jerome Powell said on Wednesday, while indicating that rates were likely to peak above 5%. "We will stay the course until the job is done."
At 1510 IST, the dollar index, which measures the strength in the greenback against a basket of six major currencies, was at 104.36 compared with 103.77 on Wednesday. It was 103.98 on Tuesday.
A slump in domestic equity indices also weighed on the Indian unit, dealers said. The Nifty 50 and the Sensex were down 1.3% and 1.2%, respectively
Traders also exercised caution ahead of the outcome of policy meetings of the European Central Bank and the Bank of England, due later today.
Dealers have pegged long-term support for the rupee at 82.80 a dollar.
The rupee is seen in the range of 82.30–82.80 for the rest of the day, dealers said. (Kabir Sharma)
India Rupee: Recoups losses as banks sell dlrs for IPOs, exporters
| AT 1308 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 82.5200 | 82.6325 | 82.4100 | 82.6650 | 82.4600 |
MUMBAI – The rupee recouped most losses against the dollar as foreign banks sold the greenback for overseas investment into the ongoing initial public offerings, dealers said.
Landmark Cars Ltd's initial public offering opened for subscription on Tuesday and will end today. The initial public offering of Abans Holdings Ltd had opened for subscription on Monday and will close today.
Some banks sold the US currency on behalf of exporters at around the 82.60 level, which also provided support to the local unit, dealers said.
However, some banks also bought dollars for importers and oil marketing companies that weighed on the Indian unit, they said.
"There was buying (of dollars) at the 82.45 level, which brought the rupee to around the 82.50 level," said a dealer with a private bank.
Traders remained cautious ahead of the European Central Bank and Bank of England's policy meetings later today, dealers said. Market participants have priced in a likely interest rate hike of 50 bps by both the central banks.
Dealers have pegged long-term resistance for the rupee at 82.20 a dollar.
The rupee is seen in the range of 82.30–82.70 for the rest of the day, dealers said. (Aiswarya Santhosh)
India Rupee: Down tracking fall in Asian units post hawkish Fed view
| AT 0946 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 82.6325 | 82.6325 | 82.6200 | 82.6650 | 82.4600 |
NEW DELHI – The rupee was sharply down against the greenback, tracking losses in Asian currencies following slightly hawkish comments from US Federal Reserve Chairman Jerome Powell after the Federal Open Market Committee's December meeting, dealers said.
Most of the Asian units were down 0.1-0.6% against the US dollar.
The US Federal Open Market Committee raised the benchmark interest rate by 50 basis points to the target range of 4.25-4.50%. Recent signs of slowing inflation have not brought confidence yet that the fight against inflation has been won, Powell said.
At 0946 IST, the dollar index, which measures the strength in the greenback against a basket of six major currencies, was at 103.83 compared with 103.77 on Wednesday. It was 103.98 on Tuesday.
Further, some banks stepped in to buy dollars on behalf of oil and other importers, which further weighed on the local currency, dealers said.
"Right now, there's buying (of dollars) for oil importers. Buying should continue around 82.60-82.65 (a dollar) levels," a dealer from a state-owned bank said.
Dealers have pegged long-term support for the rupee at 82.80 a dollar.
The Reserve Bank of India may step in to sell dollars around the 82.80- to 82.90-a-dollar level to prevent the Indian currency from falling beyond the psychologically-crucial 83-per-dollar mark, dealers said.
The rupee is seen in the range of 82.40–82.90 for the rest of the day, dealers said. (Ananya Chaudhuri)
India Rupee - Asia FX: Most units down on hawkish comments by US Fed
MUMBAI – Most Asian currencies were down against the dollar today after hawkish commentary from US Federal Reserve Chairman Jerome Powell diminished any hope of a rate cut, which dented risk sentiment for emerging markets.
"Our focus right now is really on moving our policy stance to one that is restrictive enough to ensure a return of inflation to our 2% goals over time, it's not on rate cuts," he said.
The Thai baht lead the losses amongst Asian currencies and was down by 0.7% against the dollar in early trade. The South Korean won weakened by 0.4% against the greenback tracking a 1% fall in Korean equities.
Bucking the trend, the Philippines peso was up 0.1% against the dollar as cash remittances by overseas Filipinos rose 3.5% on year in October to $2.91 bln, the Philippine central bank said. (Kabir Sharma)
India Rupee: Expected range for rupee - Dec 15
MUMBAI – Following are the expected support and resistance levels for the rupee today, as forecasted by leading banks and brokerages in an Informist poll:
| Participants | SUPPORT | RESISTANCE |
| State-owned bank | 83.00 | 82.30 |
| State-owned bank | 82.75 | 82.30 |
| Foreign bank | 82.80 | 82.30 |
| Foreign bank | 82.70 | 82.40 |
| Private bank | 82.80 | 82.40 |
| Private bank | 82.70 | 82.30 |
| Brokerage firm | 82.90 | 82.40 |
| Brokerage firm | 82.63 | 82.40 |
| Brokerage firm | 82.80 | 82.40 |
(Aiswarya Santhosh)
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
