USDINR Dec has resistance at 61.65: Sushil Finance
Sushil Finance has come out with its report on currency. "Indian Rupee is expected to trade on positive note on the back of weakness in DX coupled with rise in risk appetite in the global markets. It has resistance at 61.65," says the research firm.
December 12, 2013 / 13:27 IST
Sushil Finance's report on currency
The Indian Rupee appreciated by 0.54 percent on Friday’s trading session and closed at 61.425 on the back of weak Dollar Index coupled with rise in risk appetite in the Domestic markets. Further, Strong Foreign inflows supported currency to trade positive. However, expectation among the market participants that the US Federal Reserve may start tapering bond buying programme soon after the strong economic data prevented sharp gains in the Indian Rupee. Investors were cautious ahead of results of elections in several States capped further strength in 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 global markets. Further, outcome of state elections, strong foreign inflows and RBI measures to attract inflows may act as desirable factors for the currency. Additionally, Upside in Euro may support Indian Rupee to gain strength. However, expectation among the market participants that the US Federal Reserve may start tapering bond buying programme soon after the strong economic data, may prove fatal for the Indian Rupee. Investors will remain cautious ahead of economic data from country.Technical Outlook
Currency - USDINR DEC
Strategy - Sell on Rallies
Support - 60.55/60.90
Resistance - 61.45/61.65Disclaimer: 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. 
Read More
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
