Currency Market

Forex USD/INR DAILY

A 30 paisa  gap down opening was the main feature of the day as bulls  tried hard to regain its lost territory and were successful to a certain
extent. Dollar November contract opened gap down at 46.55 paisa losing 30 paisa from previous close of 46.85 and eventually closing the
day at 46.65. Nifty opened the day 55 points up and touched 5054 but gave up its gains and closed the day at 4997 just 8 points positive
from previous close. The dollar index continued to trade sideways between 75.38 and 75.06.
The highlight of the day was the 10 year benchmark bond yield of India which rose from 7.35% to 7.45% on Friday. The reason attributed to
this rise was the bond auction which was conducted by the RBI on Friday. RBI sold bond’s worth Rs. 100 billion (Rs.10000 Cr.) of different
maturities with yields ranging from 7.48% to 8.43%.
Looking at the trend of USDINR we fell bullishness to sustain in the currency pair in coming days. For intraday we expect 46.45 to be very
crucial level for November futures.