Rupee is at a point where it can move fifty paisa either side anytime (against the US dollar). Further weakness can be there due to (a) short covering (b) month end demand (c) There are a number of banking holidays next week. Importers could be paying up early which can add to higher demand. A break over 110 in USD/JPY will trigger knock out options and it can also cause chaos in global currency price movements. Emerging market currencies could get significantly weaker if USD/JPY trades over 110 for more than a week. USD/JPY over 110 (if any) will test the Reserve Bank of India.
There is nothing much on the global front for now.
Usd/inr October 2014 (expiry on 29th October): A break of 61.56 will result in 61.76 and 61.99. Support starts at 61.32 and there will be sellers only below 61.32.
Euro/inr October 2014 (expiry on 29th October): It needs to break and trade over 79.06 for further gains. Initial support is at 78.89 and there will be sellers only below 78.89 with 78.49 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 100.49. There will be sellers only below 100.49 or in case cable does not break 100.96 today.
Jpy/Inr October 2014 (expiry on 29th October): It can rise to 56.96 and 57.12 as long as it trades over 56.48. There will be sellers only below 56.48 today.
There is nothing much on the global front for now.
Usd/inr October 2014 (expiry on 29th October): A break of 61.56 will result in 61.76 and 61.99. Support starts at 61.32 and there will be sellers only below 61.32.
Euro/inr October 2014 (expiry on 29th October): It needs to break and trade over 79.06 for further gains. Initial support is at 78.89 and there will be sellers only below 78.89 with 78.49 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 100.49. There will be sellers only below 100.49 or in case cable does not break 100.96 today.
Jpy/Inr October 2014 (expiry on 29th October): It can rise to 56.96 and 57.12 as long as it trades over 56.48. There will be sellers only below 56.48 today.
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