Market has witnessed the Rupee appreciation in a sharp manner which printed a two month low of 60.95 levels. Pattern exposes that a near term appreciation seems to be least possible.Resistance prevails near the band 60.70-60.90.Initial move can be seen till 60.70, followed by a corrective rally targeting 62.30-62.60 band which is the equilibrium area for the current consolidation between 60.90 & 64.00. Converging pattern may uphold the trend support near 63.00 levels. Average period…See More
USDINR – March month viewINR best possible case: 60.25; worst possible case: 63.30.Trade: Buy around 61.00 levels for target of 62.30 with stop loss of 60.50Stable in February 2014Rupee remained stable around 62.00 levels against the dollar for most part of the last month supported by relative calm in the emerging market currencies and foreign fund inflow into debt and equity markets.Rupee Bounce back The Rupee’s bounce back to 61.00 levels was mainly driven by sharp fall in Q3 Fy14 current…See More
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