USDINR may slip to 54-53.80: Karvy

Karvy Stock Broking has come out with its report on currency. According to the research firm, today break below 38.2% Fibonacci retracement level of 54.15 will confirm further weakness towards the next supports of 54 then 53.80.
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Dec 13, 2012, 10.09 AM | Source: Moneycontrol.com

USDINR may slip to 54-53.80: Karvy

Karvy Stock Broking has come out with its report on currency. According to the research firm, today break below 38.2% Fibonacci retracement level of 54.15 will confirm further weakness towards the next supports of 54 then 53.80.

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USDINR may slip to 54-53.80: Karvy

Karvy Stock Broking has come out with its report on currency. According to the research firm, today break below 38.2% Fibonacci retracement level of 54.15 will confirm further weakness towards the next supports of 54 then 53.80.

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, Karvy Stock Broking |

Karvy Stock Broking has come out with its report on currency. According to the research firm, today break below 38.2% Fibonacci retracement level of 54.15 will confirm further weakness towards the next supports of 54 then 53.80.

On Wednesday, despite of strong industrial production data Indian rupee ended on weaker note of 54.3200 down by 0.08%. Domestic stock market, SENSEX surge down 31.88 points to close at 19355.26 and NIFTY edge down by 10.80 points to close at 5888.00 followed Asian peers. European stock market closed on higher note of around 0.2% as optimism in global market about FOMC rate decision. Along with Euro currency close with stronger note of 1.3074, up by 0.53%. US stock market close on weaker note due ongoing concern over fiscal cliff and also Dollar index retreated by 0.31% to close at 79.924. Bond yield closed on flat note of 8.179 as same on last trading session.

Outlook: Today, Asian shares extended gains, after the U.S. Federal bank provided addition stimulus of $45 bn in the form of bond purchases. This would slightly support rupee in today‚Äôs market session coupled with a robust growth in domestic industrial production and foreign inflows. Since morning euro is trading on a weaker note of 1.3067 down by 0.06% may restrict rupee gains in later during the day. Going ahead US will release data in the form of retail sales, PPI index and jobless claims which are expected to be positive and may have slight positive impact on USD. Overall, we expect the FOMC rate decision to continue in today market session as well which should be a supporting factor for Indian rupee. 

USDINR Spot:

As expected rupee opened on weak note on Wednesday and witnessed strong supports around 54.15 of 38.2% Fibonacci retracement level for range (51.35-55.85) and rebounded from same. The volumes remained huge at lower levels. Today break below 38.2% Fibonacci retracement level of 54.15 will confirm further weakness towards the next supports of 54 then 53.80. Going through the technical chart, we could see slight bounce back in the later part of the day and overall for the day it could remain in mixed note.

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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