In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 50.88. The USD/INR November open interest was down by 2.2%. The December contract witnessed an increase in open interest by 4.7%.
The 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 50.72 with target of 50.90/50.98 and a stop loss of 50.63.
Indian rupee is likely to open lower to flat, slightly pressured by a stronger US dollar and weak sentiment after the US stock market closes lower, but signs of improvement in market sentiment led by recovery in euro could spur rally in rupee today. Range tipped for the day is 50.40-50.85 vs. last closed at 50.73/74 on Wednesday.
The 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 50.72 with target of 50.90/50.98 and a stop loss of 50.63.
Indian rupee is likely to open lower to flat, slightly pressured by a stronger US dollar and weak sentiment after the US stock market closes lower, but signs of improvement in market sentiment led by recovery in euro could spur rally in rupee today. Range tipped for the day is 50.40-50.85 vs. last closed at 50.73/74 on Wednesday.
0 comments:
Post a Comment