One can buy USDINR August near 61.62 for target of 62.04 with a stop loss below 61.47, says Karvy.
In today's morning trade all the Asian markets are trading in the red. S&P 500 closed at 1920.24, same levels as the previous day. The US markets began the day sliding further but have recovered by the end of the trading session. Geo political tensions have taken a considerable toll on the global markets, and Russia taking to the offensive with sanctions being laid on food imports from the US and Europe. The Dollar index traded lower at 81.40, and the EURO appreciated with respect to the dollar at 1.3387 and the British pound lost its stand at 1.6855 after the disappointing economic data that was released yesterday.
In terms of currencies, Asian currencies are trading on a marginally negative note as compared to yesterday with respect to the dollar. The one month Rupee NDF is trading on a marginally appreciating note up by 8 paisa from yesterday's close. The SGX Nifty is currently trading down by 25 points suggesting a mixed trading session for the index. In today's session, we expect the Indian Rupee on a flat to appreciating note. Major economic data to be watched out for during today's trading session are the German industrial production monthly and yearly data which is expected to improve. Markets would be closely watching the rates decision from the UK and Europe. There are no major changes expected from these announcements. In the evening we have the US continuing and initial jobless claims which could create further volatility in the global markets.
Technical Range:
USDINR Aug: Buy Near 61.62 TGT 62.04 SL below 61.47
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