There is higher geopolitical risk in the form of downing of Malaysian passenger plane in Eastern Ukraine and Israel sending its army to Gaza. The US dollar should have gained in a big way due to its safe haven status. This has not been the case which gives indication that currency traders are on the sidelines.
Rupee will be under continued pressure to gain as the government can begin divestment of profitable public sector under taking as early as next month. The progress of monsoon rainfall as calmed fears of a severe drought in North India and Western India. There are more positives for the rupee than negatives. Yesterday’s rise in crude oil prices will be closely watched. We prefer to wait and watch for a few more hours before taking a call on shorting.
Usd/inr July 2014: It can rise to 60.72-61.10 as long as it trades over 60.42. There will be sellers only if (a) below 60.42 (b) usd/inr does not break 60.76 today.
Euro/inr July 2014: It needs to trade over 81.70 to rise to 82.25-82.56. Jobbers watch 81.90 all the time.
Gbp/Inr July 2014: Cable needs to trade over 103.24 to rise to 103.56-103.96. There will be sellers only below 103.24 to 103.09-102.82.
Jpy/Inr July 2014: There will be a technical break out if yen/inr break and trade over 60.12 to 60.36-60.76. Initial support is at 59.52 and there will be sllers only below 59.52 today.
Rupee will be under continued pressure to gain as the government can begin divestment of profitable public sector under taking as early as next month. The progress of monsoon rainfall as calmed fears of a severe drought in North India and Western India. There are more positives for the rupee than negatives. Yesterday’s rise in crude oil prices will be closely watched. We prefer to wait and watch for a few more hours before taking a call on shorting.
Usd/inr July 2014: It can rise to 60.72-61.10 as long as it trades over 60.42. There will be sellers only if (a) below 60.42 (b) usd/inr does not break 60.76 today.
Euro/inr July 2014: It needs to trade over 81.70 to rise to 82.25-82.56. Jobbers watch 81.90 all the time.
Gbp/Inr July 2014: Cable needs to trade over 103.24 to rise to 103.56-103.96. There will be sellers only below 103.24 to 103.09-102.82.
Jpy/Inr July 2014: There will be a technical break out if yen/inr break and trade over 60.12 to 60.36-60.76. Initial support is at 59.52 and there will be sllers only below 59.52 today.
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