INR forecast: INR opens stronger 68.71 against yesterday close of 68.78 and may trade the day between 68.54 -68.85 under two way price action.
Yesterday U.S and EU agreed to work out a way for eliminating trade barriers and maintain a healthy trade relationship. The meeting helped EUR to gain positive momentum.
Today later in the day European central bank will reveal it’s monetary stand and it’s decision on rate hike. While no rate change is being anticipated, market participants will focus on latest development on trade issue with U.S.
Good news for INR is that CNY weakness seems to be cooling may to take technical support around 6.76 levels from recent multi month low of 6.80. This may help INR to cap weakness too and possibility of 68.40-68.45 can be seen.