19th June 2013
Rupee continued to traded weak taking cues from the strong dollar & the dollar demand from imports, also the local equities traded weak and closed down by over half per cent which further depreciated the Rupee & forced to close at a record low rate.
Expect rupee to make new highs & cross the 60 level as concerns over the CAD issue is not expected to solve in near term.
Today Investors are waiting FOMC meet which will direct the market & will show the road ahead.
Immediate resistance for spot USDINR pair is at 58.94.The trading range for the USD/INR is expected to be within 58.40 to 59.00.
Recommended to Buy USDINR (Futures) on dips with the appropriate stop loss as Rupee is expected to depreciate during the day.
SMEs/Corporate Advisory Desk at Ludhiana - Indo Pak International Expo 2013 from 15th – 18th February 2013 in Ludhiana, Punjab
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