The rupee was trading at 54.34/35, off 54.52 intraday low, vs 54.285/295 Friday close. February exports rose 4.25 pc, with positive trend in exports likely to continue.
HEADLINE
Rupee rises to day’s high on positive exports
The rupee rose after exports showed a pick-up. The rupee was trading at 54.34/35, off 54.52 intraday low, vs 54.285/295 Friday close. February exports rose 4.25 pc, with positive trend in exports likely to continue. “There is greater comfort on current account deficit given the dilution in headwinds from external sector,” says a senior dealer with a private bank. The risk for rupee at this stage is from RBI’s hawkish guidance on monetary policy and general dollar strength against major currencies, dealer added.
TRADING TIPS:
SELL EUR/INR
• BELOW 70.99
• FOR TGT 70.84/70.69
• SL 71.19
PAST PERFORMANCE
SELL EUR/INR
• BELOW 71.55
• FOR TGT 71.40/71.25
• SL 71.75 TARGET ACHIEVED
ANALYSIS
DAILY USD/INR
OPEN: 54.6000
HIGH: 54.7150
LOW: 54.3500
CLOSE: 54.6225
• USD/INR LOOKS DOWNWARDS
• TREND: BEARISH
• STRATEGY: SELL ON RISE
DAILY EUR/INR
OPEN: 71.1000
LOW: 71.1300
HIGH: 70.7225
CLOSE: 70.9925
• EUR/INR LOOKS DOWNWARDS
• TREND: BEARISH
• STRATEGY: SELL ON RISE
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