Thursday, 23rd February, 2012.
| Currency Pairs | Buy/Sell | Entry | Target 1 | Target 2 | Stop Loss |
|---|---|---|---|---|---|
| USD/INR Feb 12 | Buy | 49.22 | 49.36 | 49.47 | 49.10 |
|
Dollar index is trading flat around 79.18 levels; Euro is trading flat today morning ; US & European indices traded bearish yesterday and Asian markets are trading mixed in early trades today, expect Indian markets to open weak as the SGX suggests, Rupee is expected to open weak today with likely possibilities of selling expected near 49.50 - 49.55 levels in afternon session. |
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| EUR/INR Feb 12 | Buy | 65.21 | 65.39 | 65.48 | 65.09 |
|
Euro is trading flat internationally at 1.3250 levels, However expect the EURINR pair to open strong today on rupee weakness. Rupee movement would be crucial to find direction in the EURINR pair. |
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| GBP/INR Feb 12 | Sell | 77.49 | 77.30 | 77.16 | 77.62 |
|
GBPUSD is trading weak internationally, However expect GBPINR pair to open weak, larger losses would be curbed by weakening rupee; Rupee movement would be crucial to find direction in the GBPINR pair. |
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| JPY/INR Feb 12 | Sell | 61.43 | 61.28 | 61.12 | 61.58 |
| JPY internationally is trading weak near 80.20 levels, JPYINR pair is expected to open weak today. | |||||
Daily Market Round up, Wednesday, 22nd February, 2012.
USDINR (SPOT): -
Today Rupee traded in a small range, in early trade rupee gained against the dollar supported by FIIs buying but during the day rupee gave up almost all the gains as equity market traded weak and closed down by over one & half per cent also the dollar demand from oil importers depreciated the rupee further. At present both importers & exporters are confused as rupee direction is not clear & it is showing a range bound movement. Expect Rupee to trade within 49.00 – 49.50 levels.
The dollar index, which tracks its performance against a basket of major currencies, continued to trade bullishly for the second day as EURO & GBP traded weak against the dollar as investors sold the euro and avoided stocks and other risky assets a day after Greece received the bailout fund of 130 billion Euros.
Gold traded weak today after rising to its strongest in more than two weeks as concerns over Greece's ability to implement the bailout deal.
Weekly Views - Friday, 17th February, 2012
The Indian Rupee traded strong, taking cues from Dollar inflows into local debt market & positive Indian equity markets. Equity markets continue to trade bullishly and are up by 18 per cent this year on FIIs buying of nearly $ 4.4 billion. More capital inflows are expected in India as most of the policies have been formed to attract them and moreover investors are finding growing India the safest bet to play on. Expect Rupee to breach 49.00 levels in coming days. Exporters are losing out in the spot market as rupee is strengthening, to minimize their losses they should sell in the futures market.
Expect Rupee to trade within 49.00 – 49.50 levels, It is likely to breach 49.00 levels in next week on FIIs buying in Indian markets, though dollar demand from oil importer will restrict the rupee gain , once it falls below 49.00 levels then the major resistance for Rupee is at 48.50. Euro is also set to trade strong against the dollar after the approval of bailout package, which will help rupee to appreciate against the greenback.
After a four week fall the dollar index, which tracks its performance against a basket of major currencies, traded bullishly this week. As US Housing Starts, Building Permits and Jobless Claims showed positive figures adding more to the view that the world’s largest economy is recovering. Also Euro traded weak against the dollar as the investors were still waiting for Greece to receive the bailout package & avoid the default. British pound gained this week against the dollar on the slowdown of inflation rate.
Gold traded positively this week on the hopes that the Greece will receive urgently needed bailout & will be able to pay their creditors before the said date, March 20. After a two week fall Gold gained this week.
Daily Reports Thursday, February 23, 2012
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