Rupee has resistance at 63.32: Karvy
According to Karvy, the USDINR pair is expected to trade in a range of 63.30-62.65 levels for the day. Rupee has resistance at 63.32. One can sell on rise, says the report.
October 03, 2013 / 12:08 IST
Karvy's report on currency
Today, most of the Asian equities are trading on a positive note, supported by improving Chinese non-manufacturing PMI data. The emerging market currencies and the euro are on a stronger note against the dollar. The Dollar index is trading on a weaker note at 79.741, the lowest level after January 2013, due to failure to agree on the spending bill. The SGX Nifty futures are up by 30 points. The 1-month dollar-rupee NDF offshore contract extended its yesterday’s gains to trade at 62.76. As the day progresses, the Europe will release its retail sales and PMI numbers along with Germany PMI numbers, which are expected to improve and may extend the gains in euro. The Dollar index may limit its losses on expectations of improving US factory orders and ISM non-manufacturing numbers. Overall, we expect the rupee to trade on a positive note for the day.USD/INR-OCT-MCX-SX-NSE-The Dollar-rupee pair closed lower on Tuesday at the 63.04 level, shedding 0.26 percent or 0.16 paisa. Earlier it opened gap-down and then drifted sharply lower to test a low of 62.56.However it witnessed a sharp bounce during the latter end of the session. The daily candlestick depicts a doji formation suggesting indecision prevailing between the buyers and sellers. Hence for the day a directional trade may be initiated only on a breach above/below the prior day high/low which are at 62.56/63.23 levels. Otherwise we may see a range bound session. Also that on daily charts the prices are still below the 5 and 8 day exponential moving average which are at 63.08 and 63.19 levels respectively could mean selling could accentuate on a sustained trade below the same.For the day the supports are at 62.80 followed by 62.52 levels .The Resistances are at 63.32 followed by 63.60 levels. Overall we could expect the pair to trade in a range of 63.30-62.65 levels for the day and recommend selling on rises.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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