Rupee review and outlook:Commtrendz Research
Published on Wednesday, March 10th, 2010 at 10:54 AMAuthor: onlinecommoditycalls (1958 Articles)
The Indian rupee weakened on Tuesday as a fall in local shares and dollar strength overseas underpinned sentiment.
It ended at 45.6250/6350 per dollar, about 0.2 percent weaker than its 45.53/54 close on Monday. It had hit a high of 45.38 intra-day on Monday, its strongest since Jan. 12.
The benchmark BSE share index fell 0.3 percent on Tuesday, mirroring weak global markets Dollar demand from refiners also pulled the Rupee lower.
Oil is India’s biggest import and refiners are the largest buyers of dollars in the domestic currency market.
One-month offshore non-deliverable forward contracts were at 45.60/67 slightly stronger than the onshore spot rate.
Technical View:
Supports are at 45.55 followed by 45.42 now. We favor arise towards 45.78/85 levels while above supports. Unexpected fall below 45.40 will dash our bullish hopes.
MCX USDINR March Futures 2010 : Supports are at 45.65-67 followed by 45.52.55 now. Ideally, support should be seen from here for a rally towards 45.90 now.
Unexpected fall below 45.48 could force us to abandon our bullish expectations.
Courtesy : Commtrendz Research
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