RECAP Indian rupee fell sharply yesterday and approached its record low of 60.75 hit earlier. Weak domestic equity and strong US dollar in the overseas market are likely to keep the pressure on Indian Rupee. Fears of continued foreign selling kept the focus on how to finance the country`s record current account deficit. US dollar dropped down below the 100 against the Yen and posted a mixed performance against most of its major peers as markets are eyeing ECB monthly policy meeting on Thursday and June U.S. nonfarm payrolls on Friday. One-month USD-INR futures in NDF are currently trading lower due to weakness in US Dollar in the overseas market and positive Asian indices. US markets will remain closed today owing to the Independence Day holiday. So, there can be less volatility in currency futures on the absence international of cues. USD-INR is likely to trade sideways with 60.75 likely to be the key resistance and downside support is expected at 58.95. A breakout on either side will provide fresh direction to the USD-INR trade in coming sessions.
Posted on: Thu, 04 Jul 2013 04:14:16 +0000
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