8 May 2015
USD/INR rises to 20-month high
FXStreet (Mumbai) - The Indian Rupee fell for the fifth session, thereby pushing the USD/INR pair to 20-month high 64.23 due to sustained outflow of funds from Indian markets.
Weakness in equities hurts INR
The Indian equity markets have been suffering losses due to sustained capital outflows, which is hurting Rupee. As of Thursday, Sensex closed at its lowest level since Oct 21, 2014 and the Nifty at its lowest level since Dec 17, 2014.
Experts say, the Indian Rupee and the Indian equities are being hurt by worries over retrospective taxes and delays in the land acquisition bill, which has reduced the appeal of local assets for these overseas players.
USD/INR Technical Levels
The immediate resistance is located at 64.44, above which the pair could rise to 64.80. On the flip side, a break below 64.00 could drive the pair lower to 63.50.
Weakness in equities hurts INR
The Indian equity markets have been suffering losses due to sustained capital outflows, which is hurting Rupee. As of Thursday, Sensex closed at its lowest level since Oct 21, 2014 and the Nifty at its lowest level since Dec 17, 2014.
Experts say, the Indian Rupee and the Indian equities are being hurt by worries over retrospective taxes and delays in the land acquisition bill, which has reduced the appeal of local assets for these overseas players.
USD/INR Technical Levels
The immediate resistance is located at 64.44, above which the pair could rise to 64.80. On the flip side, a break below 64.00 could drive the pair lower to 63.50.