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Apr 02, 2013, 01.33 PM IST | Source: Moneycontrol.com

Sell Indian Rupee at higher levels: Karvy

Karvy Stock Broking has come out with its report on currency. According to the research firm, for the day the USDINR pair is expected to retest the supports, bouncing back in the later session. One can sell rupee at higher levels.

Karvy Stock Broking has come out with its report on currency. According to the research firm, for the day the USDINR pair is expected to retest the supports, bouncing back in the later session. One can sell rupee at higher levels.

The Indian currency market would be open today after a long holiday weekend. We expect the rupee to open on a stronger note, owing to a positive euro and higher local stock indices. The US dollar index has also drifted lower in last two trading session, currently trading at 82.60; another supportive factor for the rupee to open higher. The Asian equities this morning are trading on a mixed note: the SGX NIFTY trading marginally lower might restrict gains in the rupee. As the day progresses, we are a little wary of the euro’s gain. The gains in the euro might fade ahead of the euro-zone unemployment rate which is expected to be at 12 percent, higher than the previous month’s. There are a few other economic releases coming in from Germany and the UK, which may create volatility in the market. For the day, we expect the rupee to open strong but, during the day, there may be a retraction of any gains.

USD/INR Spot
On Friday, the April rupee contract ended marginally lower at 54.67, losing 0.10 paisa. On the daily chart, volumes remained higher than earlier, suggesting higher participation. On the technical front, the pair is currently trading above the 8-period EMA on the daily chart and, for the day, we expect the pair to retest the supports, bouncing back in the later session. For the day, we recommend selling at higher levels.

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