Currency Updates for Today

• 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 51.32 with target of 51.48/51.56 and a stop loss of 51.24.

• In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 51.42. The US$/INR December open interest was down by 0.5%. The January contract witnessed an increase in open interest by 4.9%.

• The yen weakened for a third day against the euro as stocks advanced around the world amid signs the U.S. economy is gathering momentum, reducing demand for safer assets.