Thursday 13 December 2018

Rupee extends gain as Nov inflation eases, trades at 71.64/$


After a gap up opening the Indian rupee gained further and trading higher by 37 paise at 71.64 per dollar on Thursday versus previous close 72.01.

Rupee has extended its morning gain on ease of global trade tension and a possible rate cut by RBI in the upcoming policy after CPI Inflation eased to 2.33 percent and core CPI Inflation was at 5.73 percent in November 18.

The dollar-rupee December contract on the NSE was at 72.11 in the previous session. December contract open interest increased 4.31% in the previous session, said ICICIdirect.

We expect the USD-INR to meet resistance at higher levels. Utilise upsides in the pair to initiate short positions, it added.

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Source: Moneycontrol

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