USDINR: (50.55) The pair closed with a bearish candlestick pattern. Its decline is expected to continue until it hits the next support level pegged at 50.3 levels. RSI (14) is hovering in the neutral region and has entered the over sold. The USD/INR (January) open interest was down by 2.81%. The February contract witnessed an increase in open interest by 11.81%.
USDINR Futures (December): Positive sentiments for the INR and improved risk appetite are dominating the markets at this time. The USDINR closed just below the crucial support of Rs 50.610 on Wednesday and this could result negative for the unit in trade today. The unit price could now drift lower to test the next support at Rs 50.11 and a close below this could be very negative. On an intraday basis, the resistance for a possible trend reversal on the upside would be Rs 51.06.
USDINR Futures (December): Positive sentiments for the INR and improved risk appetite are dominating the markets at this time. The USDINR closed just below the crucial support of Rs 50.610 on Wednesday and this could result negative for the unit in trade today. The unit price could now drift lower to test the next support at Rs 50.11 and a close below this could be very negative. On an intraday basis, the resistance for a possible trend reversal on the upside would be Rs 51.06.
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