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Indian Rupee Hits Record Low Against U.S. Dollar

2024-12-18 4930

(fxcue news) - The Indian rupee weakened against the U.S. dollar in the European session on Tuesday. India is the third-largest oil consumer in the world, so the modest increase in crude oil prices hurts the value of the Indian rupee. Meanwhile, the markets expect an intervention by the Reserve Bank of India (RBI) is likely to lessen the losses on the local currency. Trading remains muted in the run-up to Christmas. Regional markets will close early today and remain shut on Wednesday for Christmas. U.S. markets will also close earlier than usual for Christmas Eve and will remain shut on Wednesday. Against the U.S. dollar, the rupee fell to a new record low of 85.222 from an early high of 85.086. At yesterday's close, the rupee was trading at 85.095. If the rupee extends its downtrend, it is likely to find support around the 87.00 region.

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Indian Rupee Hits Record Low Against U.S. Dollar

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Crude oil, focus on resistance at $70.6-71.5 above and support at $69.3-68.5 below.

Today, the rebound in gold trading is mainly driven by short selling, supplemented by buying during a pullback. The short-term focus is on the resistance line of 2620-2625 above, and the short-term focus is on the support line of 2600-2598 below.

Buy more directly near the current gold price of 2617, with targets of 2642, 2650, and 2664; If three points of 2642, 2650, and 2664 are given for the first time, short selling is allowed; If you buy more in batches around three o'clock on 2614, 2611, and 2605;

Today's gold trading strategy: Short selling near 2630-2628, stop loss at 2636, target at 2620-2610. Suggest buying long at 2610-2612, stop loss at 2505, target at 2620-2625;

Gold first fell close to 2602 or 2594 and bought long, then rose close to 2624 or yesterday's high and sold short. Crude oil still tends to fluctuate mainly today, buying long below 68.8 or yesterday's low, and selling short above yesterday's high or 70.7.

Today, gold is mainly focused on rebound short selling, with a short-term focus on the resistance line of 2628-2633. If it does not break through, short selling can be done. The short-term focus below is on the first-line support of 2600-2595, and it is advisable to buy more lightly.

Short term focus on the resistance line of 70.5-71.0 above crude oil, and short-term focus on the support line of 68.4-67.9 below.

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Indian Rupee Hits Record Low Against U.S. Dollar

Pound Climbs Against Majors

FSIS Announces Recalls Of Pork

U.S. Durable Goods Orders Pull Back More Than Expected In November

U.S. New Home Sales Show Significant Rebound In November

Bay Street May Open With Slightly Negative Bias; GDP

Win Streak May Continue For Indonesia Stock Market

Indian Rupee Hits Record Low Against U.S. Dollar

U.S. Consumer Confidence Unexpectedly Deteriorates In December

Please sign in

Trader

Crude oil, focus on resistance at $70.6-71.5 above and support at $69.3-68.5 below.

Today, the rebound in gold trading is mainly driven by short selling, supplemented by buying during a pullback. The short-term focus is on the resistance line of 2620-2625 above, and the short-term focus is on the support line of 2600-2598 below.

Buy more directly near the current gold price of 2617, with targets of 2642, 2650, and 2664; If three points of 2642, 2650, and 2664 are given for the first time, short selling is allowed; If you buy more in batches around three o'clock on 2614, 2611, and 2605;

Today's gold trading strategy: Short selling near 2630-2628, stop loss at 2636, target at 2620-2610. Suggest buying long at 2610-2612, stop loss at 2505, target at 2620-2625;

Gold first fell close to 2602 or 2594 and bought long, then rose close to 2624 or yesterday's high and sold short. Crude oil still tends to fluctuate mainly today, buying long below 68.8 or yesterday's low, and selling short above yesterday's high or 70.7.

Today, gold is mainly focused on rebound short selling, with a short-term focus on the resistance line of 2628-2633. If it does not break through, short selling can be done. The short-term focus below is on the first-line support of 2600-2595, and it is advisable to buy more lightly.

Short term focus on the resistance line of 70.5-71.0 above crude oil, and short-term focus on the support line of 68.4-67.9 below.

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