Direction of crude oil prices can have an impact on rupee as Nymex crude oil trades over $50. RBI meet will be relevant if there is any change in interest rate outlook an/or liquidity changing measures. Yesterday the RBI governor said that India does not need to compromise just to attract global investors and that India should set its own terms instead of global investors issuing their conditions for investing. Hopefully the NDA government take this with a pinch of salt. After the RBI policy announcement, trades will start taking positions for tomorrow’s US private ADP numbers. In case euro/usd does no fall below 1.10 (after the release of Fridays January US nonfarm payrolls), there will be pullback rallies to 1.1775 and 1.2325.
For just trade in the technical.
Usd/inr February 15 (expiry on 25th February 15):
- Jobbers aggressive buy over: 62.12 stop loss 62.02 for 62.27-62.47
- Jobbers aggressive sell below: 61.84 stop loss 62.0225 for 61.6675-61.4975
- There is a technical congestion between 61.7475 and 61.8725. Only a fall below 61.7475-61.8725 will trigger another wave of selloff to 61.5750 and 60.9650. On the higher side usd/inr has to trade over 62.12 t be in intraday bullish zone.
Euro/inr February 15 (expiry on 25th February 15):
- Jobbers aggressive buy over: 70.53 stop loss 70.3825 for 70.8225-71.3250
- Jobbers aggressive sell below: 70.0725 (after 2pm IST) stop loss 70.1875 for 69.87 and 69.712
- Euro/inr needs to trade 69.7525 till Friday to prevent another selloff to 69.1300 and 68.0750. On the higher side Only a consolidated break of 70.53 will attract short covering.
Gbp/Inr February 15 (expiry on 25th February 15):
- Cable needs to trade over 93.0225 to rise to 93.4850-94.1825. There will be sellers if cable trades below 93.0225 to 92.8850 and 92.6750.
Jpy/Inr February 15 (expiry on 25th February 15):
- Yen/inr needs to trade over 52.49 till Friday to rise to 53.9275 and 54.7475. There will be sellers only if yen/inr trades below 52.49 any day till Friday.
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