Traders and investors will be looking forward to new policy changes by the NDA government for direction this week. Everyday something new turns up. The government it seems is using all the possible means to fast track growth. There is a policy continuity. Global investors always respect policy continuity after a regime change. The intent of the Modi government is towards making India a progressive nation. Foundations are being laid for a long term sustained growth in employment and retail consumption. The actual results will vary which will dictate the direction the rupee. August to middle of November will see massive US dollar inflows from Indians residing globally. The real test for the rupee will be the period after middle of November when these inflows dry up and interest rate rise expectations from USA becomes clear. The Reserve bank of India has been able to curb the pace of gains for the rupee. As long as India does not open up gold imports, the reserve bank of India will continue to intervene in the currency markets.
There is major US economic data release this week. It will be a technical trade with the US dollar as the key.
Usd/inr July 2014: It will break free from 59.86-60.32-60.76 range this week and form a new range. Jobbers watch 60.32 and trade accordingly.
Euro/inr July 2014: Initial support is at 81.40 and there will be another wave of selling only below 81.40 to 81.15-80.78. Overall till July futures close, there will be sellers on rise as long as euro/inr does not break 83.00.
Gbp/Inr July 2014: Cable needs to trade over 102.88 to rise to 103.20-103.76. There will be sellers only below 102.88 to 102.66-102.48.
Jpy/Inr July 2014: It needs to trade over 59.49 to be in intraday bullish zone and rise to 59.84-60.10. Key weekly support is at 59.29. Jobbers watch 59.49 all the time.
There is major US economic data release this week. It will be a technical trade with the US dollar as the key.
Usd/inr July 2014: It will break free from 59.86-60.32-60.76 range this week and form a new range. Jobbers watch 60.32 and trade accordingly.
Euro/inr July 2014: Initial support is at 81.40 and there will be another wave of selling only below 81.40 to 81.15-80.78. Overall till July futures close, there will be sellers on rise as long as euro/inr does not break 83.00.
Gbp/Inr July 2014: Cable needs to trade over 102.88 to rise to 103.20-103.76. There will be sellers only below 102.88 to 102.66-102.48.
Jpy/Inr July 2014: It needs to trade over 59.49 to be in intraday bullish zone and rise to 59.84-60.10. Key weekly support is at 59.29. Jobbers watch 59.49 all the time.
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