Spot rupee, futures review (18marc) : Commtrendz Research
Published on Thursday, March 18th, 2010 at 10:08 AMAuthor: onlinecommoditycalls (1958 Articles)
The Indian Rupee strengthened to its highest in more than two months on Wednesday, as a rise in local share prices raised expectations of capital inflows and the dollar’s weakness overseas underpinned sentiment.
The partially convertible rupee ended at 45.34/35 per dollar, close to the previous low of 45.2800, about 0.5 percent above Monday’s close of 45.58/59.
The dollar fell after the U.S. Federal Reserve held its commitment to hold interest rates low for an “extended period”.
A rise in local equities also lifted sentiment for the rupee. The benchmark BSE share index rose 0.6 percent to its highest close in two months, tracking global markets following the Fed’s announcement.
One-month offshore non-deliverable forwards were quoted at 45.4250, little weaker than the onshore
Technical View : A pullback to 45.50-55 levels can be expected while below 45.28/30 levels. We still favor a test of 45.20 levels in the big picture.
Will abandon our bearish view on a clear close above 45.65.
MCX USDINR March Futures 2010 Close: 45.4150
View: A pullback to 45.55-60 levels can be expected while above 45.38/40 levels. We still favor a test of 45.35 levels in the big picture.
Will abandon our bearish view on a clear close above 45.71.
Courtesy : Commtrendz Research
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