USDINR closed 24 paise lower at 74.55 yesterday - Geojit Financial
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News
* USDINR closed 24 paise lower at 74.55 yesterday
* Bank of America extremely bearish on EURUSD as the currency pair drop to 3 months low
* US 10 year tresury yields at 19 week low
* BoJ stops quantitative easing, RBA starts tapering, BoC and BoE already tapering amid rate hikes in market
* Dollar index near 13 week high ahead of FOMC minutes today
* Economic data from Eurozone and Canada also in focus today
OUTLOOK - USDINR
Rupee opened 3 paise higher at 74.28 from its previous close against the US dollar and it finally closed a net 24 paise higher at 74.55 yesterday. USDINR had gained as far as the intraday high of 74.25 and fell to an intraday low of 74.62. The dollar index which compares the strength of the dollar against 6 major currencies closed 0.34% higher at 92.55. Brent crude futures fell 2.74% to trade at $75.43/barrel. USDINR near futures are at 74.6925 with the next support seen at 74.4742 and next resistance seen at 74.8617 ahead of market opening today.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
