The Indian Rupee appreciated by 0.47 percent in yesterday's trading session and closed at 61.758 on the back of weak Dollar Index coupled with rise in risk appetite in the Domestic markets. Further, Strong Foreign inflows and narrowed current account deficit supported currency to trade positive. However, expectation among the market participants that the US Federal Reserve may start tapering bond buying programme soon after the strong economic data prevented sharp gains in the Indian Rupee. Investors were cautious ahead of results of elections in several States capped further strength in currency.
Outlook: We expect Indian Rupee to trade on positive note on the back of weakness in DX coupled with rise in risk appetite in the domestic markets. Further, narrowed current account deficit, strong foreign inflows and RBI measures to attract inflows may act as desirable factors for the currency. Additionally, Upside in Euro may support Indian Rupee to gain strength. However, expectation among the market participants that the US Federal Reserve may start tapering bond buying programme soon after the strong economic data, may prove fatal for the Indian Rupee. Investors will remain cautious ahead of results of elections in several States.
Technical Outlook
Currency - USDINR DEC
Strategy - Sell on Rallies
Support - 61.55/61.75
CMP - 61.96
Resistance - 62.17/62.35
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Sell USDINR Dec on rally; resistance at 62.17: Sushil Fin
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Sell USDINR Dec on rally; resistance at 62.17: Sushil Fin
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