Today's Currency News : 06.11.2019
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Rupee extends losses, trades at day's low
The Indian rupee has extended the morning losses and trading at day's low level at 70.89 per dollar.
It opened lower by 10 paise at 70.79 per dollar versus previous close 70.69. On Novemebr 5, rupee ended 8 paise higher to close at a fresh five-week high of 70.69 against the US dollar on the back of foreign fund inflows. The Sensex is down 140.20 points at 40,108.03, while Nifty is down 44.70 points at 11,872.50. Oil prices dropped on Wednesday after industry data showed a larger-than-expected build-up in US crude stockpiles, but expectations for an easing of trade tensions between the United State and China capped losses. Gold prices inched up, after slipping more than 1% in the previous session, as investors awaited further clarity on the US-China trade talks. The dollar-rupee November contract on the NSE was at 70.82 in the previous session. Open interest increased 18.57% in the previous session, said ICICIdirect.
We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.
It opened lower by 10 paise at 70.79 per dollar versus previous close 70.69. On Novemebr 5, rupee ended 8 paise higher to close at a fresh five-week high of 70.69 against the US dollar on the back of foreign fund inflows. The Sensex is down 140.20 points at 40,108.03, while Nifty is down 44.70 points at 11,872.50. Oil prices dropped on Wednesday after industry data showed a larger-than-expected build-up in US crude stockpiles, but expectations for an easing of trade tensions between the United State and China capped losses. Gold prices inched up, after slipping more than 1% in the previous session, as investors awaited further clarity on the US-China trade talks. The dollar-rupee November contract on the NSE was at 70.82 in the previous session. Open interest increased 18.57% in the previous session, said ICICIdirect.
We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.