The Indian Rupee appreciated by 0.07 percent in Yesterday's trading session and closed at 62.36 on the back of weakness in DX coupled with rise in risk appetite in the domestic markets. Further, strong fund inflows and expectations among the investors that the US Federal Reserve may continue with its bond buying programme supported Indian Rupee to gain strength. However, continued demand for green back from Importers along with the disappointing economic data from the country prevented further gains in the currency.
Outlook: We expect Indian Rupee to trade on positive note on the back of weakness in DX. Further, Strong Fund flows and RBI measures to attract inflows will support currency to gain strength. Apart from that, US Federal Reserve Chairman Ben Bernanke said that the US Federal reserve will maintain its ultra-easy monetary policy as long as needed this may prove positive for the currency. However, mixed global market sentiments, continued demand for Dollar from Importers and disappointing economic data from the country may prevent sharp gains in the currency.
Technical Outlook
Currency - USDINR Nov
Strategy - Sell below 62.5
Support - 61.85/62.15
Resistance - 62.5/62.8
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Sell USDINR Nov below 62.5; Resistance 62.8: Sushil Finance
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Sell USDINR Nov below 62.5; Resistance 62.8: Sushil Finance
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