Dollar rose against the Rupee yesterday as selling pressuer was witnessed in equity markets the world over. Dollar near month futures opened the day at 46.35 and closed at 46.67 after Nifty fell by 65 points or 1.30% to close at 4989 points. Dollar index rose against other currencies as the benchmark touched 75.42 levels. The major reason for rise in Dollar index was fall witnessed in Euro and Pound on concerns that Britain’s bank will disclose more credit losses. Britain’s budget deficit in October was worst for the month since records began in 1993 as the recession destroyed tax revenue and welfare cost surged. However unemployment continued to remain a concern for the American economy as Jobless claims rose to 505K from expectation of 504K. In domestic news bond yields declined to 7.25% from 7.27% previously as liquidity concerns eased in the economy. Reduced government debt sales also added to the sentiments resulting in fall in yields. For today 46.85 will be a critical resistance for the pair. In downside we advise shorts to be created only below 46.45 levels.
Pivot Support 1 Support 2 Resistance 1 Resistance 2
Spot 46.5860 46.4777 46.2616 46.8021 46.9104
Nov. Future 46.5758 46.4467 46.2233 46.7992 46.9283
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