Rupee gains before the finance budget

There is huge and optimism on the finance budget by the common man as well as the industry. The common man believes that his basic cost of living will come down while the industry believes demand will rise and there will be a reduction in red tapism. Global investors are flocking India to get a pie of  expected long term higher demand cycle. It remains to be seen if there are any bitter pills today and its reaction by the Indian financial markets over the same. 

FOMC minutes has indicated that taper will end in October. Emerging nations are preparing for higher interest rates in USA next year. Intraday volatility will rise before and just after the budget is announced. 

Usd/inr July 2014:  Initial support is at 59.81 with 59.5575 as the key intraday support. There will be sellers on rise as long as usd/inr does not break 60.19-60.32 zone. 

Euro/inr July 2014: Initial support is at 81.56 with 81.2475 as the key intraday support. Only a consolidated break of 82.04 will resume the uptrend. 

Gbp/Inr July 2014: Cable needs to trade over 102.7075 till Monday to be in bullish zone and target 103.31-104.54. There will be sellers if gbp/inr trades below 102.75. key intraday support is at 102.3075. Jobbers watch 102.7075 and take positions accordingly. 

Jpy/Inr July 2014: Yen/inr needs to trade over 59.0025 to target 59.15-59.39. There will be sellers as long as yen/inr trades below 59.0025 to 58.5450. Key support till next week is at 58.2325

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