On the global front rupee had weakened in the non deliverable forward market yesterday. The direction of the US dollar will be the key. Month end demand can add to further weakness for the currency
The Chinese president has asked its military to be prepared for a regional war. The situation in Ladakh in Kashmir is precarious with very high chance of a war with China in the coming weeks and months. Incidentally India’s defence minister is in hospital and the prime minister will go to USA to attend the United nations meeting. Unconfirmed reports suggests that Indian armed forced are unprepared for a sustained war with China. Historically politicians has resorted to war with nations whenever the economy is in downtrend so as to divert people attention from economic woes to war. The Chinese president is no exception to the same. One needs to closely watch Chinese moves. The Chinese premier seems to copy its Pakistani friend. A war with china will negatively affect the rupee and the Indian stock markets.
Usd/inr October 2014 (expiry on 29th October): A break of 61.04 will result in 61.19 and 61.52. Support starts at 60.89 with 60.72 as the key intraday support.
Euro/inr October 2014 (expiry on 29th October): It needs to break and trade over 79.06 for further gains. Initial support is at 78.70 and there will be sellers only below 78.70 with 78.32 as the key support.
Gbp/Inr October 2014 (expiry on 29th October): Cable can rise to 100.96 and 101.32 as long as it trades over 100.22. There will be sellers only below 100.22 or in case cable does not break 100.96 by Thursday.
Jpy/Inr October 2014 (expiry on 29th October): It can rise to 56.96 and 57.12 as long as it trades over 56.19. There will be sellers only below 56.19 today. We prefer a buy on sharp dips strategy this week as long as jpy/inr trades over 54.96-55.10 zone.
The Chinese president has asked its military to be prepared for a regional war. The situation in Ladakh in Kashmir is precarious with very high chance of a war with China in the coming weeks and months. Incidentally India’s defence minister is in hospital and the prime minister will go to USA to attend the United nations meeting. Unconfirmed reports suggests that Indian armed forced are unprepared for a sustained war with China. Historically politicians has resorted to war with nations whenever the economy is in downtrend so as to divert people attention from economic woes to war. The Chinese president is no exception to the same. One needs to closely watch Chinese moves. The Chinese premier seems to copy its Pakistani friend. A war with china will negatively affect the rupee and the Indian stock markets.
Usd/inr October 2014 (expiry on 29th October): A break of 61.04 will result in 61.19 and 61.52. Support starts at 60.89 with 60.72 as the key intraday support.
Euro/inr October 2014 (expiry on 29th October): It needs to break and trade over 79.06 for further gains. Initial support is at 78.70 and there will be sellers only below 78.70 with 78.32 as the key support.
Gbp/Inr October 2014 (expiry on 29th October): Cable can rise to 100.96 and 101.32 as long as it trades over 100.22. There will be sellers only below 100.22 or in case cable does not break 100.96 by Thursday.
Jpy/Inr October 2014 (expiry on 29th October): It can rise to 56.96 and 57.12 as long as it trades over 56.19. There will be sellers only below 56.19 today. We prefer a buy on sharp dips strategy this week as long as jpy/inr trades over 54.96-55.10 zone.
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