Currency Outlook Updates for Today: Indian Forex Tips

• In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 52.13. The USD/INR November open interest was down by 5.8%. The December contract witnessed an increase in open interest by 4.8%.

• The euro stayed under pressure in Asia on Friday amid investor jitters over the European debt crisis.

• Rupee snapped an eight-session losing streak, supported by dollar sales from corporates and some probable rollback of long-dollar positions.

• The Rupee closed 29 paise higher at Rs 52.06/07 per US dollar today after its eight-day losing streak was arrested by fresh selling of the American currency.

• The dollar may strengthen more than 20% to as high as 94 yen should it climb above key resistance levels at 83.30 and 85.50, MIG Bank said, citing trading patterns.

• The pound fell to a seven-week low against the dollar after German Chancellor Angela Merkel said joint euro bonds would send a ``wrong signal,`` spurring demand for the relative safety of the US currency.

• The US dollar is expected to attract some buying on declines against the INR. Utilise the lows in the USD/INR November contract to buy above 51.87 with target of 52.07/ 52.19 and a stop loss of 51.75.