Karvy expects Rupee to slight correct
Karvy Stock Broking has come out with its report on currency. According to the research firm, rupee is expected to open slightly lower and could experience a slight correction in the later part of the day.
November 26, 2012 / 12:18 IST
Karvy Stock Broking has come out with its report on currency. According to the research firm, rupee is expected to open slightly lower and could experience a slight correction in the later part of the day.
We should seen a strong opening for Indian rupee today as gains noticed on last Friday would prompt the domestic currency trade firm. However, looking at the today’s Asian markets and global currencies gains could be curtailed at the domestic front. Going ahead the day would be watching for EU meet relating to Greece and looks like it may continue to support euro to trade on a higher note. In the meanwhile, Asian peers are trading mixed to weak anticipating results of EU should not surprise to the entire financial asset classes. In fact there are no data expected from Asian and euro zone except US Dallas manufacturing figures which is likely to improve.Looking at the above scenario we do not foresee any clear trend today. So, we recommend exporters’ and importers’ to stay away from the markets however, intraday derivative trades can be made.USD/INR Spot
On Friday rupee opened on flat note and surged higher and ended near the day’s high of 55.53 gaining 0.55%. Currently pair is trading near the trendline resistance level of 55.70 level break of this will confirm further up move till the next resistance of 56.00 level. On daily chart momentum indicator RSI is hovering at 0.68 and is heading towards the overbought zone suggesting minor correction can be anticipated in the pair. For the day we expect rupee to open slightly lower and could experience a slight correction in the later part of the day.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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