Mood In the Market USDINR

Mood in the market

USDINR Quoting 53.065 and made a low of 52.89 in today’s session after open at 52.96/97 down by 7 paisa from yesterday closing. Most of the brokerage firms are suggesting there clients to go short with Rupee Intra-Day and the active participant of foreign inflow keep the market on their side. Whereas previous session move in USDINR indicate some more points, it made high at 53.40 and recovers from that low to 53.13/14 and close to those levels. As GOI is raising money for NTPC, participation from foreign investor is quite witness in this stake sale, and weak demand from Importers are also keeping Rupee to upside. "The market is front running the inflows for the NTPC share sale and is expecting about $500 million to $700 million to come in, which should support the local unit," said Sudarshan Bhatt, chief currency dealer with the state-run Corporation Bank. n the sovereign debt market, the benchmark 10-year note ended higher helped by a broad investor aversion to risk. The session however was locked in a narrow range as the dealers awaited crucial data on gross domestic product, factory production and inflation in this week and the next.

But on technical charts USDINR likely to gain towards 53.27/38 and maintain strong resistance at 53.47. As yesterday strong selling of dollar comes from one private oil co. sources Reuters, more encashment on dollar will witness on every rise in rupee. Rupee can trade in a range of 53.28-52.84 in this week, as equity market also consolidating its recent gains.