Rupee Daily
Dollar continued its downward journey as the pair touched crucial support level of Rs.46.35/USD after falling by nearly paisa from top. Dollar opened the day stronger and made a high of Rs.46.64/USD, but fell after dollar index breached crucial supports. Dollar index which has become the single most driver of asset classes across the globe, breached the crucial level of 74.93 and traded at 74.77 levels leading to rise in equities and
commodities. Indian Nifty rose by 122 points or 2.50% due to fall in dollar index. In domestic news the weekly auction of bonds indicates that interest rates may remain low for short term. The 91 day T‐bill was auctioned at yield of 3.2754% unchanged from previous week while 182‐ days T‐bills were auctioned at 3.8217% down from 3.9676% previously. Another key indicator, the vehicle sales figures of India was declared which rose by 2% in October from previous month. Today Industrial production data of India will be declared. Although IIP is expected to rise by 7% we do not feel any major impact on USDINR as it will continue to follow dollar index. Overall 46.15 will be a crucial support level for the pair in Intraday.
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