rupee intraday strategy for 2/12/2014

rupee intraday strategy for 2/12/2014

Rupee dollar dec. future today closed at 62.36 with loss on RBI intervention. In intraday pair had hit high at 61.61 but through the day remain under pressure on profit booking. Intraday low was around 62. Here trend is bullish for dollar above 62-rupee level traders must keep buy on dips strategy for dollar and expect weakness in rupee on outflows.

Euro future closed at 77.72 with 5-paisa gains. Almost 40-paisa intraday range is seen and closed with gains, as euro is bounce back from oversold zone in international market. Here above 77.4 keep buy on dips view for intraday as well as short terms.

Pound future closed at 97.99 with 20-paisa gains. Today we had seen levels above 98 rupee, which is bullish signal for pound. Recovering British pound may show 99 to 100 levels here. Previous low of 97 rupee will serve as bottom support.

Yen future closed at 52.68 with loss. Today yen hit high near 53 as downgrade news broke but as rupee recovers we seen profit booking here. Here also 52-rupee temporary bottom for short term traders. Upside 53.2 and 53.5 are strong resistances.

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Pramod Baviskar

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