The rupee ended with gains on Tuesday but posted a 11 percent fall in 2013, ending a tough year marked by a descent to a record low and suffering from continued concerns about its outlook next year. The rupee closed well above its record low of 68.85 per dollar hit in late August, thanks in part to emergency measures taken by policy makers
The rupee ended the day at 61.80, up 0.20 percent from the previous session's close of 61.91
The dollar index against six major currencies was at 80.20, up 0.20 percent from its previous close
USD/INR derivatives strategy: Sell January contract
In the currency futures market, the most traded dollar-rupee January contract on the NSE closed at 62.20. The January contract open interest was up 3.90 percent from the previous day
The February contract open interest was up 9.60 percent from the previous day
We expect the US dollar to attract selling pressure on rallies against the INR. Utilise the highs in the USD/INR January contract to sell.
Intra-day strategy
USD/ INR Jan futures contract (NSE)__________View: Bearish on USD
Sell USDINR in the range of 62.27-62.32________Market Lot: USD1000
Target: 62.10/62.02________________________Stop Loss: 62.39
Support S1/ S2: 62.00/61.80 ________________ Resistance____________R1/R2:62.30/62.50
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