Dollar
Dollar traded sideways on friday as the pair opened the day at Rs.46.93/USD and closed 13 paisa higher at Rs.47.06/USD. Nifty which showed weakness for the entire week continued to trade on downside on Friday to close 38.85 points down at 4711. The markets remained closed on Monday on account of public holiday.
Economic data of U.S continued to be bullish with ISM manufacturing index rising to 55.7 from expectation of 53.0, indicating that manufacturing sector is on a recovery path while Construction spending increased to 0.8% from expectation of ‐0.2%. Dollar Index traded sideways to trade between 75.80 and 76.50.
Today the trade data of India for the month of September will be declared. Imports and Exports have been registering negative growth on account of economic recession worldwide. Any positive recovery will lead to dollar weakening against the rupee. Speaking of medium term trend we expect the pair to trade sideways between 47.65 and 46.50. For intraday we expect a gap down opening with 46.85 acting as a crucial support.
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