According to Karvy, one can buy USDINR July at 60.24-60.26 for the target of 60.43 with a stop loss below 60.12.
The US markets have continued with their positive momentum on Tuesday's trade. The US S&P 500 index closed at 1983.53 up by 0.5% in last night's trading, and the Asian markets seem to have been replicating the same with an average increase of 0.5% in early trade today. The US economic data released yesterday met analyst expectations of 0.3%, however the increase in the existing home sales number have buoyed the US equity markets into higher territory. The US dollar index to has gained significantly and is currently at 80.76. The surprise fall in Euro is one of the reasons for the strength in the US dollar index. Euro and Pound are trading at 1.3464 and 1.7071 respectively.
In the currency front, most of the Asian markets are trading on a positive note to the dollar. The One month rupee NDF is trading almost at the same level as yesterday's closing; however the SGX Nifty index is up by 29 points in early morning trade. There is no economic data to be released during market hours today, however on observing the international markets we believe the Indian rupee would open gap down and the support of 60.23 would be holding.
We recommend buying the USDINR pair between 60.24-60.26 for a target of 60.43 and to maintain a stop loss below 60.12.
Technical Recommendation: USDINR July: Buy at 60.24-60.26 TP 60.43 with SL below 60.12
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