Currency forecast 14 February 2014

Currency forecast 14 February 2014

MCX-SX Rupee future premarket technical’s

USDINR February expiry future last closed at 62.46 with 23 paisa gain. Today in Intraday MCX-SX Dollar-rupee future hit high at 62.53 while low was 62.07. Total 46-paisa intraday range and closed with gain. For tomorrow, US dollar future may continue this short covering rally, as risks on trades are back in markets.

EURINR February future last closed at 85.35 with gain of 45 paisa. Today in Intraday MCX-SX Euro-rupee future hit high at 85.5 while low was 84.57. Total almost 90-paisa intraday range and closed with gain. For tomorrow, euro future may extend gains on weak rupee.

GBPINR February expiry future last closed at 103.89 with loss of 89 paisa. In intraday MCX-SX Pound-rupee, future hit high at 104.04 while low was at 102.92. Total 110-paisa intraday range and closed with gain. For tomorrow pound future major resistance zone will be 104.5-105 so watch for that. Any daily closing above this means 108-111 targets for English pound against Indian rupee.

JPYINR February expiry future last closed at 61.32 with 49 paisa gain. In intraday MCX-SX Yen-rupee, future hit high at 61.37 while low was at 60.81. Total 56-paisa intraday range and closed with gain. For tomorrow yen, future may continue rally as yen is bounce back from lows in international markets.

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Pramod Baviskar

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