Currency Outlook:USDINR Support 60.59-60.96
OUTLOOK FOR TODAY: USD INR
We expect the rupee
to trade on a neutral to negative note against the dollar taking cues
from strength in the dollar index, positive economic data from US
economy & poorer than expected IIP & CPI data from India along
with weakness in the global markets. However, upbeat domestic market
sentiments may cap sharp gains in the dollar.
Technical Outlook: As
seen on the daily chart, USDINR is trailing near the resistance at
60.56 mark. If it does not breach this resistance then the counter is
likely to head downwards where 61.14 is an significant support.
MARKET OVERVIEW
Dollar lost 0.16 percent & closed at Rs. 61.2775 71in futures. The spot rate is currently at 61.08.
Dollar Index is currently trading at 81.5440 up 0.05 percent from the previous close.
FIIs bought securities worth Rs. 3380.39 crores in the cash & derivatives segment of the Indian equity markets on Tuesday.
Job
openings in US climbed for the fifth straight month in June, reaching
their highest level since early 2001. Employers posted 4.67 million jobs
in June according to the JOLTS Jobs Report, up 2.1 percent from May’s
total of 4.58 million.
India’s July CPI inflation stood at 7.96 percent against 7.46 percent on a month-on-month basis.
India’s
June IIP stood at 3.4 percent against 5 percent on a month-on-month
basis. Manufacturing grew at 1.8 percent against 4.8 percent
month-on-month.
CURRENCY TRACKER: 13th August 2014
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