Morning Note The rupee fell sharply due to continued dollar buying of gold & oil importers. Also the local equities traded low & closed on a weak note, depreciating rupee by over 0.40 per. Last week Rupee was accompanied by the concerns about weak domestic fundamentals, record current account deficit and high inflation. The Indian Rupee traded 11 month low last week & crossed the 57 level convincingly. Immediate resistance for spot USDINR pair is at 57.75.The trading range for the USD/INR is expected to be within 57.25 to 57.75. Recommended to Buy USDINR (Futures) on dips with the appropriate stop loss as Rupee is trading at its all time low.
Posted on: Mon, 10 Jun 2013 04:37:00 +0000
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