Rupee steady on RBI intervention

Reserve Bank of India intervention prevented big weakness in the rupee. Tomorrow US markets are closed. Traders will now start to take positions for next week. US dollar-Indian rupee is at a critical juncture where there can be big one way movements. There is not much news on the domestic front and global front as well. Next week’s multiple event risk is keeping traders on the edge. 

Usd/inr December 2014 (expiry on 29th December):  Only 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. 

Short term view: Failure to break 63.96 by end December will result in a fall to 61.15 and 59.90 first. Initial resistance is at 62.76. 

Euro/inr December 2014 (expiry on 29th December): It can rise to 78.02 and 78.47 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. 

Short term view: Euro/inr is basically stuck 75.32-78.72-80.70 zone. This range will be broken in the next two months and a new range will be formed. 

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. 

Short term view: Cable needs to trade over 98.86 for the rest of the year to start another bull run to 100.36-102.20. Short term volatility will be very high. 

Jpy/Inr December 2014 (expiry on 29th December): It needs to trade over 53.69 to prevent another selloff to 53.42 and 53.12. Initial resistance is at 53.17 and 53.42.