Indian rupee may trade sideways to lower: Emkay

Emkay Global Financial Services has come out with its report on currency. The research firm says for the day USDINR March Future price could trade sideways to lower towards 54.15-54 levels before continue its original bullish momentum, as prices have been holding well above strong support levels of 54 levels.

USDINR spot: Spot USDINR prices are anticipated to trade sideways to lower for the day towards 54.25 followed by 54.010 levels and will continue its medium term bullish trend from thereafter. A break and close below 54.00 can only extend its selling interest.

USDINR Mar: For the day price could trade sideways to lower towards 54.15 levels or 54.00 levels before continue its original bullish momentum, as prices have been holding well above strong support levels of 54.00 levels.

EURINR Mar: Overall trend remains bearish, however, short term gains can’t be ruled out towards 70.80 followed by 71.10 levels before continue its declines.

GBPINR Mar: Short term gains could continue for the day and is expected to trade sideways to higher towards 82.80 followed by 83.10 levels as price has settled for the second consecutive day above key 82.30 levels.

JYPINR Mar: Trend remains weak as long as price manages to trade below 58.00 and for the day Mar is likely to trade sideways to lower towards 56.80 levels.

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