Global events will dictate the rupee more than domestic events. Developments in Japan will be the key. There will be short covering in case rupee weakens against the US dollar today. Indian importers are still covering on spot basis. Exporters are yet to cancel and rebook. Exporters are now on the sidelines.
US FOMC minutes can impact rupee and emerging market currencies tomorrow. I am not going to comment more, except that short covering will be there in euro, US dollar in case rupee weakens against them today and tomorrow.
Usd/inr November 2014 (expiry on 26th November): Head and shoulder formation on the charts. Usd/inr can rise to 62.02 and 62.32 as long as it trades over 61.77. There will be sellers only below 61.77 today.
Euro/inr November 2014 (expiry on 26th November): A break of 77.81 will result in 78.08 and 78.47. Initial support is at 77.37 and there will be sellers only below 77.37.
Gbp/Inr November 2014 (expiry on 26th November): It needs to trade over 96.54 today to rise to 97.02 and 97.56. There will be sellers only below 96.54 today with 96.37 and 96.12 as key intraday support.
Jpy/Inr November 2014 (expiry on 26th November): It can fall to 52.6450 as long as it trades over 53.0975. Only a break of 53.0975 will result in further rise to 54.29 and 54.55.
US FOMC minutes can impact rupee and emerging market currencies tomorrow. I am not going to comment more, except that short covering will be there in euro, US dollar in case rupee weakens against them today and tomorrow.
Usd/inr November 2014 (expiry on 26th November): Head and shoulder formation on the charts. Usd/inr can rise to 62.02 and 62.32 as long as it trades over 61.77. There will be sellers only below 61.77 today.
Euro/inr November 2014 (expiry on 26th November): A break of 77.81 will result in 78.08 and 78.47. Initial support is at 77.37 and there will be sellers only below 77.37.
Gbp/Inr November 2014 (expiry on 26th November): It needs to trade over 96.54 today to rise to 97.02 and 97.56. There will be sellers only below 96.54 today with 96.37 and 96.12 as key intraday support.
Jpy/Inr November 2014 (expiry on 26th November): It can fall to 52.6450 as long as it trades over 53.0975. Only a break of 53.0975 will result in further rise to 54.29 and 54.55.
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