Indian Forex Tips: Trend and Outlook for Today

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.

Indian Forex Tips: Trading Strategy for Today

• Dip in USD/INR towards 50.74 is a good buying level with a stop of 50.63 for a target of 51.05.

• Dip in EUR/USD towards 1.3435 is a good buying level with a stop of 1.3390 for a target of 1.3550.

• Dip in GBP/USD towards 1.5752 is a good buying level with a stop of 1.5715 for a target of 1.5840.

• Rally in USD/JPY towards 77.31/42 is a good selling level with a stop of 77.80 for a target of 76.78.

Forex Tips Today: Outlook and Strategy

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.

Indian Forex Tips Today- Tuesday 15th November 2011

Indian rupee opened lower tracking declines in riskier currencies against the US dollar as investors turn risk-averse again on persisting concerns over Italy`s debt situation. For now, it seems all negative headlines are out due to which Rupee had already suffered its worst since end August. Its double whammy weakness due to lower growth and high Inflation seems to soon come an end. Therefore a higher move is expected today in USD/INR to 50.30/40 vs. 50.17 in spot would definitely a sell on rally bias.