Importers hedging their near term payables also contributed to the rupee`s fall - Geojit Financial Services Ltd
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Dollar was seen stronger yesterday one expectations of a faster route to bond taper by Federal Reserve.
Importers hedging their near term payables also contributed to the rupee’s fall.
Nifty closed 0.08% lower tracking global cues.
Brent up 0.34% at $73.76 a barrel. Gold flat.
OUTLOOK - USDINR
USDINR gave a most of the gains and ended up forming a hammer pattern. However, we do not see as a bearish sign, but more as a sign that more consolidation could unfold, stalling the ongoing upmove. Favoured view expects dips to be limited to 73.47/37, followed by a push higher to 73.60.
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