Rupee to remain subdued in 54.08-54.50 range: Karvy

Karvy Stock Broking has come out with its repot on currency. The research firm expects USDINR may retest the lower support levels of 54.20 of 8 day period EMA on daily chart, expect it to remain in subdued range of 54.08-54.50.
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Nov 09, 2012, 10.40 AM | Source: Moneycontrol.com

Rupee to remain subdued in 54.08-54.50 range: Karvy

Karvy Stock Broking has come out with its repot on currency. The research firm expects USDINR may retest the lower support levels of 54.20 of 8 day period EMA on daily chart, expect it to remain in subdued range of 54.08-54.50.

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Rupee to remain subdued in 54.08-54.50 range: Karvy

Karvy Stock Broking has come out with its repot on currency. The research firm expects USDINR may retest the lower support levels of 54.20 of 8 day period EMA on daily chart, expect it to remain in subdued range of 54.08-54.50.

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, Karvy Stock Broking |

Karvy Stock Broking has come out with its repot on currency. The research firm expects USDINR may retest the lower support levels of 54.20 of 8 day period EMA on daily chart, expect it to remain in subdued range of 54.08-54.50.

On Thursday, since morning we had seen Indian Rupee hovering around 54.80. At the end of the session Indian rupee depreciated 0.30 percent to 54.3750 after tracked Euro currency and Indian share market. Asian stock market tumbled on Thursday. NIFTY lose 21.35 points to 5738.75 whereas SENSEX lose 56.15 to 18846.26 settlements. US stock market surged down one percent during closing of session due to worries about fiscal cliff. Dollar index lose 0.03 percent to 80.779 settlements. Euro zone stock market fallen half percent due to ECB announces unchanged interest rate and economic releases from Germany in the form of exports and imports has been declined more than expected, however the trade balance along with current account has slightly improved .Thus, it made euro currency flattish. Therefore, euro currency gains 0.15 percent to 1.2766. 10 year bond yield which rose 0.02 percent to 8.192 settlements due to Indian Rupee depreciation. The overnight call money market closed at 8.00 from 8.10 previous Close.

Outlook:

We estimate Indian Rupee to be open with flat note tracking Euro which inched slightly higher at 1.2779, while Asian stock market lost their points. Financial asset classes across global was traded in red yesterday. US stock market went down one percent during closing of session due to worries about fiscal cliff. European stock market fell by half percent after getting information about Greece where bailout funds get delayed. Looking at above scenario, we believe Rupee may remain in mixed note in first half session of market. On the economic front, Germany will release its CPI data today which is expected to be slightly positive. Thus, it will spur euro currency to move up along with Euro zone stock market to rebound its position. From US, data will be release in the form of Import Price Index, U.S Michigan Confidence, and Wholesale Inventories which is expected to be positive and may support US economy to move up.

USDINR Spot:

On Thursday, Rupee remained in lackluster range, although it opened on higher note and tested high of 54.67 if failed to sustain and finally settled at 54.37 losing 0.31%. Rupee is witnessing stiff resistance around 54.70 levels. For today we expect it may retest the lower support levels of 54.20 of 8 day period EMA on daily chart and we expect it to remain in subdued range of 54.08-54.50.

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.

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Rupee to remain subdued in 54.08-54.50 range: Karvy

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