Importers will be covering their near term payables on dips and more so if the weakness (In the US dollar-Indian Rupee) persists for the rest of the week. Month end demand is there for the time being.
Usd/inr December 2014 (expiry on 29th December): A break of 62.47 will trigger another wave of rise to 62.76 and 63.37. On the lower side 62.17 is the initial support with 61.94 as the key intraday support.
Euro/inr December 2014 (expiry on 29th December): It can rise to 77.62 and 77.96 as long as it trades over 77.32. There will be sellers only if euro/inr trades below 77.32 with 77.09 as the key intraday support.
Gbp/Inr December 2014 (expiry on 29th December): It can rise to 97.96 and 98.56 as long as it trades over 97.54. Key support till Friday is at 97.12.
Jpy/Inr December 2014 (expiry on 29th December): It can rise to 53.45 and 55.36 as long as it trades over 52.76. There will be another wave of selling only below 52.76.We are against going short Jpy/inr.
Recommended Content
Editors’ Picks
EUR/USD eases to near 1.0700 ahead of German inflation data
EUR/USD is paring gains to near 1.0700 in the European session on Monday. The pair stays supported by a softer US Dollar, courtesy of the USD/JPY sell-off and a risk-friendly market environment. Germany's inflation data is next in focus.
USD/JPY recovers after testing 154.50 on likely Japanese intervention
USD/JPY is recovering ground after sliding to 154.50 on what seemed like a Japanese FX intervention. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Focus shifts to the US employment data and the Fed decision later this week.
Gold price holds steady above $2,335, bulls seem reluctant amid reduced Fed rate cut bets
Gold price (XAU/USD) attracts some buyers near the $2,320 area and turns positive for the third successive day on Monday, albeit the intraday uptick lacks bullish conviction.
Ripple CTO shares take on ETHgate controversy, XRP holders await SEC opposition brief filing
Ripple loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission filing of opposition brief to Ripple’s motion to strike expert testimony.
Week ahead: FOMC and jobs data in sight
May kicks off with the Federal Open Market Committee meeting and will be one to watch, scheduled to make the airwaves on Wednesday. It’s pretty much a sealed deal for a no-change decision at this week’s meeting.