Rupee appreciation likely to continue, says Angel Broking

In an interview with CNBC-TV18, Naveen Mathur, Associate Director, Commodities & Currencies, Angel Broking gave his readings and outlook for the currency markets and crude.

Talking about the USD-INR on the MCX April contract, he said, "Selling should happen somewhere around 44.45-44.50 levels with stop loss of 44.75 and target in the range of 44.18." Below is the verbatim transcript of Mathur's interview with Latha Venkatesh and Sonia Shenoy of CNBC-TV18. Also watch the accompanying video. Q: How do you play the currency now, is it a buy at all the dollar at this level? A: Rupee appreciation would continue from here, the markets have stabilized to a large extent. What we have seen sometime in January till February and March the markets have really taken up in the last week or so. A good stride on the positive direction and that is putting some kind of concerns on the rupee. Q: Would you sell the dollar rupee at these levels? A: Yes I would sell, 44.30 is what it is quoting right now. Talking about the USD-INR on the MCX April contract the selling should happen somewhere around 44.45-44.50 levels with stop loss of 44.75 and target in the range of 44.18. Q: The big heart ache for many days now is crude but what have you made of the spike up and how would you trade crude now, what would your strategy be in terms of levels? A: We have seen the prices spiking up, it