Indian Rupee likely to remain under pressure - ICICI Bank : Treasury Research

The Indian Rupee opened weaker at 58.81 compared to yesterday's close of 58.78, tracking a decline in the EM Asian currency pack. The currency is likely to remain under pressure on the back of an overnight rise in crude oil prices and overall cautious sentiment ahead of the US Fed policy announcement, due later today. Meanwhile, in yesterday's trade, the Rupee closed at a record low amidst reports of defence related outflows and offshore Dollar demand by corporates. The outcome of the 2-day FOMC meeting, due later today, is likely to guide further movements in the USDINR pair. Intraday, the Rupee is likely to take cues from movements in domestic equities. The intraday trend for USDINR is bearish with support at 58.55 and resistance at 58.98.

Source : Equity Bulls

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