Karvy has recommended to buy USDINR August between 61.24-61.28 for the target of 61.68 with a stop loss below 61.12, in its research report dated August 13, 2014.
The Indian rupee on Tuesday traded on a mixed note while posting a positive close with a gain of 15 paisa from the previous days close. The gain in the Indian rupee was aided by the positive equity markets which closed above the 7700 mark taking cues for the positive global market conditions. Markets have displayed optimism about the economic data that is to be released later in the evening, however these results have turned out to be disappointing.
Outlook: In today's morning trade all the Asian markets are trading on a marginally positive note, with the S&P 500 posting closing at 1933.75 down by 0.16 percent from Monday's close. The Dollar index continued trading above 81.50 at 81.53 holding to its gains after a volatile session in the previous week.. EURO depreciated with respect to the dollar at 1.3345 after the disappointing Zews expectation for Germany came in at 8.6 against a expectation of 17.0, and for Europe came in at 23.7 against a previous level of 48.1. The British pound traded on a positive note at 1.6803 showing signs of strength against its neighbors which is proving to be safer heaven in these volatile times.
In terms of currencies, Asian currencies are trading on a mixed note as compared to Friday with respect to the dollar. The one month Rupee NDF is trading on a depreciating note up by 13 paisa from yesterday's closing after disappointing CPI and IIP numbers which came in at 7.96 and 3.4 percent respectively against an expectation of 7.40 and 5.6.. The SGX Nifty is currently trading lower by 20 points suggesting a negative opening for the index. In terms of economic data, there is a lot of data from the EU and UK which could induce considerable amount of volatility in the later part of today's trading session.
Technical Recommendation:
USDINR Aug: Buy between 61.24-61.28 TGT 61.68 SL below 61.12
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