Asian equities are trading on a mixed note while the emerging market currencies are down. The euro has been extending its losses from yesterday, trading at 1.3496 and the Dollar index is reviving from its losses. The dollar-rupee 1-month NDF offshore contract is trading on a weaker note (down by 0.19%). The optimism over improving India's trade deficit might limit the losses in rupee. As the day progresses, there are no major economic releases from Europe. The market would wait for the Bank of England's policy decision. The BOE is likely to keep its interest rate constant and maintain 375 billion pound asset purchase program. The US Republican and Democrat leader hinted that the debt ceiling could increase for the short-term. This may support the Dollar index during the day. Overall, we expect the rupee to trade on a weaker note for the day.
USD/INR-OCT-MCX-SX-NSE-
The dollar-rupee pair closed marginally higher on Wednesday at 62.18, a gain of 0.03%. Earlier, the pair opened gap-up and surged to reach a high of 62.59. However, a break below 62.30 led the pair to fall and approach the support level at 61.95. The daily candlestick depicts a Doji formation, suggesting prevalent indecision in the market. As mentioned in our previous report showing the Adx at 14, which is indicative of a lackluster trend in the market could continue to play out. However, for the day, a directional trade might be initiated on a break below/above the Doji candle low/high of the prior day, which are at 61.95/62.59. Otherwise, we might witness a narrow trading range in the market.
The support for the day is at 61.89 followed by 61.60. The resistances are at 62.53 followed by 62.88
Overall, we expect the pair to trade in a range of 62.76-61.90 for the day and recommend buying on declines.
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