Rupee outlook: Rupee continues to display strength

Akhil Nallamuthu BL Research Bureau | Updated on October 23, 2019

The rupee extended its gain on Tuesday, as it closed the day higher by 0.3 per cent against the dollar. It closed the session at 70.94, above a critical resistance of 71. The rupee has now gained for fifth consecutive trading session.

If the rupee manages to trade above 71 today, one can expect further appreciation taking the exchange rate to 70.35.

Do note that 70.75 may act as a minor resistance on the upside and in case if it weakens after reaching that level, it can decline to 71.2 and then 71.

News on Brexit and crude oil inventories data by US Energy Information Administration (EIA) set to be released today might influence the domestic currency.

Technically, traders can maintain bullish bias. Intraday targets are at 70.75 and 70.35 with support at 71.25

Supports: 71.2 and 71.4

Resistances: 70.75 and 70.35

Published on October 23, 2019

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