Buy USDINR Nov has resistance at 63.45: Sushil Finance

Sushil Finance's report on currency

The Indian Rupee depreciated by 0.57 percent in Yesterday’s trading session and closed at 62.925 on the back of strength in DX in early trading session coupled with rise in risk aversion in the domestic markets. Further, dollar demand from Importers added downside pressure on the currency. Additionally, US Federal Reserve meeting minutes hinted that the Fed may consider stimulus tapering soon as the economy improves; kept Indian Rupee under pressure. However, strong fund flows and RBI measures to attract inflows prevented further downside in the currency. Outlook:
We expect Indian Rupee to trade on mixed note. As the rise in risk appetite in the global markets, Strong Fund flows and RBI measures to attract inflows may support currency to trade in green. Whereas, US Federal Reserve meeting minutes hinted that the Fed may consider stimulus tapering soon as the economy improves; this may act as a negative factor for the currency. Additionally, continued demand for Dollar from Importers and disappointing economic data from the country may prove fatal for the currency. Technical Outlook Currency - USDINR Nov
Strategy - Sideways
Support - 62.5/62.7
Resistance - 63.2/63.45 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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