- Yesterday, Indian rupee recouped its early losses against the US dollar, powered by some dollar selling from corporate and exporters, although sell-off in domestic shares coupled with gains in global US dollar over Geo-political tension at Korean peninsula kept the Asian currencies including rupee under pressure through the day.
- The USD/INR December open interest was up by 3.6%. The January contract witnessed an increase in open interest by 4.5%.
- Sentiments in Asian currencies and equities were hurt badly on safety demand in early trade after news hit the wires that North Korean leader Kim Jong-Il`s death could spark political instability between North and South Korea.
The US dollar is expected to attract some buying on declines against the INR. Utilise the lows in the USD/INR December contract and buy above 52.86 with target 53.05/53.12 and stop loss 52.77.
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