It is just a wait and watch for the rupee. There is no big ticket news to induce big one way moves and change the wide consolidation phase. There are already concerns over the high price effect on living essentials. Next week is a shortened trading week due to “Ganesh Chaturthi”. Stock markets futures and expiry next week will also weigh on the rupee.
Usd/inr August 2014: There will be a technical breakdown below 60.48 to 60.32 and 60.10. Overall there will be sellers on rise as long as usd/inr does not break 60.76
Euro/inr August 2014: It needs to trade over 80.39 to be in intraday bullish zone. As long as euro/inr trades below 80.39 the chances of a fall to 80.18 and 79.79 is very high.
Gbp/Inr August 2014: Key support is at 100.30 and there will be sellers below 100.30 to 100.18 and 99.74. Only a break of 100.67 will resume the bullish trend.
Jpy/Inr August 2014: There will be a technical break down below 58.3625 to 58.1025 and 57.8750. We prefer a buy on dips strategy as long as jpy/inr trades over 57.87.
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