INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 74.57 against the dollarThe rupee pared some of its initial gains and further slipped three
On Thursday, July 15, the local unit settled at 74.54 against the American currency
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.06 per cent to
92.56.During the week, the domestic currency witnessed volatile trading as on Wednesday, it snapped its three-day winning streak to settle
lower at 74.59 against the dollar
Yesterday, it settled higher to 74.54 against the greenback supported by domestic equities.What analysts say:Mr
and consumer confidence data for any reading on inflation and the strength of the recovery
Any solid pace of US economic recovery, will underpin the rumours of earlier than expected rate hikes/QE tapering keeping USDINR afloat till
the July FOMC outcome.So in USDINR spot until the support of 74.40 doesn't break, the trend will remain positive towards 75
16-month low of 360,000 and US business activity growing at a record high lifted the US Dollar despite a fall in the 10-year bond
yield.Going ahead, traders are looking to United States retail sales data and consumer confidence for the strength of the economic recovery
and further clues on dollar movement.Despite dollar remaining on back foot and inflows on account of various IPO's and QIP's , rupee
could not manage to break the 74.40 crucial support level yesterday
If the BIG-bull continues to play its part to curb volatility downside, any dips in the USDINR pair would be taken for buying by importers,
Limited:''Given the pair's struggle to break through the 75.00 barrier, as well as the recently rising momentum line, USD/INR prices are
likely to conquer the significant support convergence near 74.50-74.45 as the quote eases.Technically, the USDINR July opened on a flat note
today and was moving in a marginally sideways trend since morning
trigger sellers' area and we may witness a sharp downfall till the next immediate support zone lying in 74.30-74.27.Ultimately, prices again
tried to breach this level and closed above 74.65 indicating that, buyers may come into action
If in the upcoming sessions, prices bounce back from the support zone 74.55-74.52, we may see a rise till 74.78-74.80 which is acting as a
major profit booking zone from past few sessions and if prices close above this zone, we may see a further hike.''Domestic Equity Markets
Today:On the domestic equity market front, the BSE Sensex ended 18.79 points or 0.04 per cent lower at 53,140.06, while the broader NSE
Securities:"On a weekly basis, the market formed a complete reversal formation by closing above the highest level of the previous week
Also during the week, the market tested lower boundaries and crossed the upward barrier under the leadership of Financials and Technology
the Nifty has scope to move towards 16100 without much effort
However, for that, support from Banks and the FMCG sector will hold key
We feel the technology sector has delivered its best and now it's the turn of the FMCG sector to support the market
The strategy should be to buy if Nifty corrects to 15900/15850 without hitting the levels of 16100
sellers in the capital market on July 15 as they offloaded shares worth Rs 264.77 crore
