Buy Indian rupee on dips: Karvy

Karvy Stock Broking has come out with its report on currency. According to the research firm, for the day USDINR is expected to extend its gains. Traders can buy rupee on dips.

The euro is trading down by 0.68% against USD as Cyprus parliament rejected European Union bailout condition yesterday and that might create weakness in rupee. The Japanese financial market is close today as national Holiday (Vernal Equinox Day public holiday). However, Chinese equities are trading higher. The SGX NIFTY future is trading down by 11.50 points indicating weak opening of domestic indices which may have negative impact on rupee. The Dollar index strengthened around 0.37%, last night and the similar trend has followed in today market session is another weak point for rupee. On the economic front, Europe will release current account balance are likely to increase along with consumer confidence that might support euro currency. From US, FOMC rate decision is expected where they likely to keep interest rate unchanged. In FOMC meeting they will discuss on bond buying program which might pressurize USD. Overall we expect rupee to open on a weak note while during the day slightly recovery could be seen on the back of positive data expectation from euro area. Overall stance should be buy side.

USD/INR Spot
USDINR remained volatile on Tuesday, it hit two week low of 53.90 in the initial hours and thereafter it made a turn around and edged higher to settle at 54.3650 gaining 0.38%. On technical basis, pair surpassed resistances of trendline as well as of major EMA's and settled above same. Momentum indicator RSI-14 has inched higher from the lows of 0.50 to 0.52 suggesting upward potential in the pair. For the day we expect USDINR to open on positive note and would extend its gains. For today we recommend traders to buy on dips.

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