Dollar moved in a 13 paisa range on Wednesday as currency traders seemed to have adopted a wait and watch strategy. Dollar moved 46.31 and 46.18 levels with Nifty also trading in a range bound manner and closing at 5054 points which was 7 points lower than the previous close.In international currency markets, dollar rose against the Euro on speculations that U.S investors are bringing back overseas fund towards year end.EURUSD was quoting at 1.4926 against the dollar after making a high of 1.5057 during previous week. However yen gained against major currencies after indications of Japan’s largest banks facing pressure to raise funds spurred investors to bring back earnings on assets abroad. In domestic news yields for short term bonds continued to be unchanged with 91 days T‐bills being auctioned at 3.2754%, the same as that of
previous week. However yields on long term bonds fell with 365 days T‐bills being auctioned at 4.4508% from 4.5275% a fortnight ago. For today we expect range bound movement to continue with 46.10 acting as a key support and 46.30 as a crucial resistance.
Pivot Support 1 Support 2 Resistance 1 Resistance 2
Spot 46.2308 46.1667 46.1133 46.2842 46.3483
Nov. Future 46.2442 46.1783 46.1192 46.3033 46.3692
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