Currency Market Trading Tips 15 April
MARKET OVERVIEW
Dollar gained 0.24 percent & closed at Rs. 60.44 in futures. The spot rate is currently at 60.18.
FIIs sold securities worth net Rs. 1648.64 crores in the cash & derivatives segment of the Indian equity markets on Friday.
Dollar Index is currently trading at 79.7720 up 0.05 percent from the previous close.
India’s
trade gap in March widened to USD 10.51 billion, its highest since
October 2013. Country’s full-year trade shortfall stood at USD 138.59
billion from USD 190.34 billion a year ago. India’s index of industrial
production (IIP) in February shrunk at -1.9 percent versus an expansion
of 0.8 percent (month-on-month). The manufacturing space has shown a
steep degrowth coming in at -3.7% versus -0.7% (MoM).
US
PPI increased 0.5 percent last month after slipping 0.1 percent in
February. That was the largest increase since June last year. Producer
prices excluding volatile food & energy costs rose 0.6 percent, the
biggest gain since March 2011.
Prelim UoM Consumer Sentiment index rose to 82.6 in April, from a reading of 80.0, compared to expectations for a rise to 81.0.
Retail
sales in US increased 1.1 percent last month, the biggest gain since
September 2012. Core retail sales increased 0.8 percent in March.US
Business inventories increased 0.4 percent in February after rising by
the same margin in January.
OUTLOOK FOR TODAY: USD INR
We
expect the rupee to trade on a neutral to negative note against the
dollar taking cues from marginal strength in the dollar index & more
positive than expected economic data from US. Volatility can be
expected ahead of Inflation data from India.
Technical Outlook:
As
seen on the daily chart, USDINR is trailing at the resistance near the
60.55 mark. If it breaches this level on the upside, then the counter is
likely to head towards the 60.80 mark. On the downside, 60.06 is an
significant support for the counter.
CURRENCY TRACKER: 15th April 2014
USDINR April
Support: 59.9000/60.0900
Resistance: 60.6000/60.8500
EURINR April
Support: 83.0300/83.4400
Resistance: 84.2400/84.7500
GBPINR April
Support: 100.4500/100.8100
Resistance: 101.6300/102.2000
JPYINR April
Support: 58.9600/59.2600
Resistance: 59.8400/60.0700
Courtesy: Currency Market Trading Tips 15 April
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