Importers will be covering their near term payables on dips and more so if the weakness (In the US dollar-Indian Rupee) persists for the rest of the week. Month end demand is there for the time being.
Usd/inr December 2014 (expiry on 29th December): A break of 62.47 will trigger another wave of rise to 62.76 and 63.37. On the lower side 62.17 is the initial support with 61.94 as the key intraday support.
Euro/inr December 2014 (expiry on 29th December): It can rise to 77.62 and 77.96 as long as it trades over 77.32. There will be sellers only if euro/inr trades below 77.32 with 77.09 as the key intraday support.
Gbp/Inr December 2014 (expiry on 29th December): It can rise to 97.96 and 98.56 as long as it trades over 97.54. Key support till Friday is at 97.12.
Jpy/Inr December 2014 (expiry on 29th December): It can rise to 53.45 and 55.36 as long as it trades over 52.76. There will be another wave of selling only below 52.76.We are against going short Jpy/inr.
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