Karvy Stock Broking has come out with its report on USDINR. The research firm says on weekly chart USDINR has breached the 8 period EMA resistances and is move next resistance of 54.25- 54.30 of a major trend line. For today, may see buying pressure in at lower levels and it may extend its upside bullish move.
On Tuesday, Indian rupee opened at 53.4000 and closed at 53.7350 per US Dollar up by 0.48 per cent from its previous close. During the day market moved in a range of 53.845 to 53.34 while it ended at 53.735. The Domestic indices, NIFTY settled with 5691.40, down by 25.75 and SENSEX settled with 18710.2, down by 83.42. It shows domestic market declined. As a result, rupee depreciated. Simultaneously, Asian as well as European Indian equity market went down. Euro currency ended at $1.2983, down by 0.61 percent. Similarly, euro currency depreciated with Indian Rupee. European stocks fell this morning, tracked some losses from Asia markets, with drug and resource sectors weighing. The US Dollar Index ended at 79.84 goes up by 0.24 percent. Alternatively, rupee depreciated. to 1.3068 versus the dollar while the Dollar Index closed at 79. The overnight call money market closed at 8.05% from yesterday’s close of 8.07%. India’s 10-year bond yields ended lower in the last trading session, finally ending at 8.17%.
Lot of glitches is likely to be seen on today’s trading session. In one way now Asian equities are trading firm while US ended last night in red, although home sales figures were substantially better. Perhaps last night’s FOMC statement is keeping market under wary. The US dollar Index is currently trading down so other major currencies are on a positive note except that euro is almost flat due to Draghi’s bond purchase programme. Looking at the above scenario we believe the domestic currency Indian rupee should open on a flattish note. However, the day is going to be critical as host of economic release are expected across the globe while US data are likely to be very much positive. So, with that anticipation gains in rupee might also be restricted. Therefore, we are not taking a stance of buy/sell strategy for the entire day rather we may have to develop couple of intraday trades with a bias onto the upside trend.
USDINR Spot:
On Tuesday, Rupee opened on lower note tracking previous day’s weakness at 53.40 and it started to gain in the later session finally settled at 53.72 gaining 0.47% or 0.25 paisa. On weekly chart pair has breached the 8 period EMA resistances and is move next resistance of 54.25- 54.30 of a major trend line. For today, we may see buying pressure in at lower levels and it may extend its upside bullish move.
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