Sell USDINR December on rallies: Sushil Finance

Sushil Finance's report on currency

The Indian Rupee depreciated marginally by 0.03 percent on Friday's trading session and closed at 62.43 on the back of month end demand for dollars from oil companies coupled with strength in DX. Further, concerns over currency swap windows acted as a negative factor for the Indian Rupee. However, upbeat domestic market sentiments along with strength in Euro prevented sharp fall in the currency.

Outlook: We expect Indian Rupee to trade on positive note on the back of Weakness in DX coupled with rise in risk appetite in the domestic markets. Further, India's GDP grew more than expected which may support currency to gain strength. Additionally, RBI measures to attract inflows may support currency. However, concerns over currency swap windows and worries over Fiscal deficit may prevent sharp gain in the currency.

Technical Outlook
Currency - USDINR DEC
Strategy - Sell on Rallies
Support - 62.30/62.55
Resistance -63.0/63.3

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