Rupee has been unfazed by mild weakness in the US dollar. Domestic factors in the form of lack of new policy initiatives is keeping importers and short sellers on the edge. Unless there is big weakness in the Indian stock markets, the current range trade for US dollar-Indian rupee could continue for some more time.
The Japanese elections over the weekend are the key for global currency markets. There is data vacuum globally which is resulting in covering of long US dollar positions.
Usd/inr December 2014 (expiry on 29th December): It can rise to 62.31 and 62.48 as long as it trades over 62.07. There will be sellers only if rupee trades below 62.07 in UK session.
Euro/inr December 2014 (expiry on 29th December): It can rise to 77.32 an 77.81 as long as it trades over 76.79. There will be sellers only below 76.79.
Gbp/Inr December 2014 (expiry on 29th December): Cable can rise to 99.10 and 100.30 by next week as long as it trades over 96.39. Initial support is at 97.10.
Jpy/Inr December 2014 (expiry on 29th December): Yen/inr may formed a medium term bottom and can rise to 54.75 and 57.60 in the very immediate term as long as it trades over 51.60.
The Japanese elections over the weekend are the key for global currency markets. There is data vacuum globally which is resulting in covering of long US dollar positions.
Usd/inr December 2014 (expiry on 29th December): It can rise to 62.31 and 62.48 as long as it trades over 62.07. There will be sellers only if rupee trades below 62.07 in UK session.
Euro/inr December 2014 (expiry on 29th December): It can rise to 77.32 an 77.81 as long as it trades over 76.79. There will be sellers only below 76.79.
Gbp/Inr December 2014 (expiry on 29th December): Cable can rise to 99.10 and 100.30 by next week as long as it trades over 96.39. Initial support is at 97.10.
Jpy/Inr December 2014 (expiry on 29th December): Yen/inr may formed a medium term bottom and can rise to 54.75 and 57.60 in the very immediate term as long as it trades over 51.60.
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