USR INR currently witnessing selling pressure from its previous top and currency has also formed bearish candle formation in daily charts, technical indicates price fall can be seen as long as it holds below and further price rise action can be seen once USD INR closes and holds above its previous top.
Article published on Myiris.com
ICICI direct expects the US dollar to meet supply pressure on pullbacks against the rupee. ''Utilise rallies in the USD/INR May contract to sell. Sell USD/INR May futures in the range of 63.99-64.09 with target 63.80-63.62.''
"The rupee fell against the US dollar, marking its biggest monthly loss since December, as weaker local stocks fuelled concerns of further foreign fund outflows. The Indian currency ended the day at 63.42, down 0.20% from the previous close of 63.30. The dollar index against six major currencies ended at 95.45, up 0.25% from the previous close of 95.21. Visit our site for currency trading tips India.
In the currency futures market, the most traded dollar-rupee May contract on the NSE closed at 62.80. The May contract open interest was up 17.79% from the previous day. June contract open interest was up 8.26% from the previous day."
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