Currency Derivative Morning Note Yesterday Rupee opened strong - TopicsExpress

Currency Derivative Morning Note Yesterday Rupee opened strong at 60.50 levels mainly supported by RBI’s news on auction, also the local equities traded positively throughout the day & closed up by over 0.75 % helped Rupee to trade strong But as the day progressed the oil importers, corporate & short covering from interbank, weakened the Rupee by almost 0.50 % in second session. The CAD issue has depreciated Rupee the most & is the biggest challenge for RBI; earlier FIIs have funded large part of current account deficit in last two years when current account balance stayed significantly higher than sustainable limit of 2.5% of GDP. Immediate support for spot USDINR pair is at 61.30.The trading range for the USD/INR is expected to be within 61.20 to 62.00. Recommended to Buy USDINR (Futures) on dips with the appropriate stop loss as Rupee is expected to depreciate during the day.

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