Currency Outlook: USDINR Support 60.88-61.00
OUTLOOK FOR TODAY: USD INR
We expect the rupee
to trade on a neutral to positive note against the dollar taking cues
from upbeat domestic markets & slightly positive global markets.
However, strength in the dollar index may cap sharp gains in the rupee.
The Dollar-Rupee may witness volatility due to the RBI Monetary Policy
today.
Technical Outlook: As
seen on the daily chart, USDINR has bounced back sharply from the
resistance near the 60.55 mark. It is likely that the counter will head
downwards where 61.00 is the crucial support below which levels of 60.88
can be seen.
MARKET OVERVIEW
Dollar lost
0.34 percent & closed at Rs. 61.25 in futures. The spot rate is
currently at 60.93. Dollar Index is currently trading at 81.32. FIIs
bought securities worth Rs. 1225.10 crores in the cash & derivatives
segment of the Indian equity markets on Monday.
CURRENCY TRACKER: 5th August 2014
| CURRENCY | CONTRACT | S2 | S1 | LTP | R1 | R2 |
| USDINR | August | 60.8800 | 61.0000 | 61.2500 | 61.5500 | 61.7500 |
| EURINR | August | 81.7000 | 81.9800 | 82.1825 | 82.5200 | 82.8600 |
| GBPINR | August | 102.6900 | 102.8700 | 103.0500 | 103.3000 | 103.5400 |
| JPYINR | August | 59.3000 | 59.4700 | 59.6850 | 59.9100 | 60.1500 |
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