Opening indications are positive for USDINR. Asian markets are down, with the Hang Seng down almost 2%. The rupee fell to a 32-month low against the dollar on Tuesday as worries about Europe`s debt crisis pushed up demand for the US currency. The euro dipped on Tuesday, stuck near the bottom of a recent trading range. Britain`s currency rose against the euro and gilts advanced.
In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 50.82. The USD/INR November open interest was up by 1.2%. The December contract witnessed an increase in open interest by 9.3%.
US dollar is expected to attract some buying on declines against the INR. Utilize the lows in the USD/INR November contract to buy above 50.62 with target 50.80/50.86 and stop loss 50.53.
In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 50.82. The USD/INR November open interest was up by 1.2%. The December contract witnessed an increase in open interest by 9.3%.
US dollar is expected to attract some buying on declines against the INR. Utilize the lows in the USD/INR November contract to buy above 50.62 with target 50.80/50.86 and stop loss 50.53.
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