INR forecast: INR opens flat at 71.92 against last week close of 71.92 and may trade the day between 71.80-72.25 under two way price action.
Today there is important board meeting of RBI where decisions related to easing of liquidity in markets; autonomy of RBI etc could be taken. We expect measures to ease liquify would be positive for INR and any measure to curb autonomy would be negative.
Going ahead key event is US-China meeting towards Nov end any decisions to de-escalate trade tensions. If meetings remains inconclusi
USD is modestly weaker against basket of other major currencies on back of dovish comment by Fed vice chair. Fed vice chair Richard Clarida showed concern with global growth and U.S interest rate. Following the comment, USD came under selling pressure. While EUR surge above 1.14, GBP remained with marginal gains around 1.28.
This week is very light on economical calendar hence market may be driven on back of other factors. U.S will remain closed on Thursday on account of Thanks giving while India will on Guru Nanak Jayanti on Friday.