USDINR went higher from yesterday’s 71.10 levels to 71.45 in the NDF markets on the back of higher oil prices (61.55 as compared to 60 levels yesterday). Globally mild dollar weakness is keeping EM currencies moderately appreciated while the dynamics in USDINR is different given oil and approaching budget. Broad range for USDINR is 70.90-71.45 and RBI seems to be protecting this range. We should head towards 71.50 given budget related position covering. A break of 71.50 (trading for 1 hour) can be called a breakout. CMP 71.33, Range 71.25-71.50.
No comments:
Post a Comment