There can be more short covering euro and cable before the FOMC meet tonight. The US dollar could see wider trading range. Incoming US economic data before the FOMC meet could force the Federal Reserve to adopt a less aggressive stance on interest rates. The US dollar is over brought. Once the FOMC statement comes out, traders will take positions for next week’s US January nonfarm payrolls. The finance minister has said that fiscal deficit will be maintained this year. India’s foreign exchange reserves at a record high and could rise even further as the quarter progresses. There are more positives for the rupee for now.
Usd/inr February 15 (expiry on 25th February 15):
Euro/inr February 15 (expiry on 25th February 15):
Gbp/Inr February 15 (expiry on 25th February 15):
Jpy/Inr February 15 (expiry on 25th February 15):
Usd/inr February 15 (expiry on 25th February 15):
- Jobbers aggressive buy over: 61.82 stop loss 61.74 for 62.02-62.36
- Jobbers aggressive sell below: 61.49 stop loss 61.6125 for 61.3475-61.1225
- Usd/inr needs to fall below 61.59 or break and trade over 62.03 for direction.
Euro/inr February 15 (expiry on 25th February 15):
- Jobbers aggressive buy over: 70.09 stop loss 69.88 for 70.2225 and 70.5675
- Jobbers aggressive sell below: 69.7650 (after 2pm IST) stop loss 69.9125 for 69.4975-69.3125
- Euro/inr can rise to 70.90 and 73.70 in short term as long as it trades over 69.40. There will be another wave of selling only if euro/inr trades below 69.40 tomorrow (after FOMC interest rate decision).
Gbp/Inr February 15 (expiry on 25th February 15):
- Cable can rise to 94.0050 and 94.3250 as long as it trades over 93.4925. There will be sellers only below 93.4925 today.
Jpy/Inr February 15 (expiry on 25th February 15):
- Yen/inr can rise to 52.77 and 53.25 as long as it trades over 52.05.
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