USDINR may trade in 53.50-53.85 range: Nirmal Bang

Nirmal Bang has come out with its report on currency. According to the research firm, The USDINR pair is expected to trade in a range of 53.50-53.85.

Rupee weakened on Thursday after a government projection estimated economic growth in the fiscal year will be worse than expected, raising concerns about how it would fund its fiscal and current account deficits.  The substantial addition in OIs at 53.50CE would act as strong resistance for the pair, though the pair might skew towards 53.75 levels tracking Asian currencies.

As witnessed the unwinding of positions in put options at 53.00, 53.50 and 54.00, indicates rupee appreciation and weakness might be limited.  After disappointing GDP figures and overnight weakness in Euro rupee could remain under pressure. The USDINR pair is expected to trade in a range of 53.50-53.85.

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