Dollar fell on Monday as equity market continued their bull run and dollar index fell leading to buying witnessed across major asset classes. USDINR near month futures opened the day at 46.58 nearly 9 paisa down from previous close of 46.67 and closed the day at 46.52. The reason for this was attributed to rise in Nifty which closed 51 points up at 5103 points. In international news, dollar index fell as sale of existing U.S homes rose last month to the highest level since February 2007. Existing Home Sales rose to 6.10 million from expectation of 5.70 millions indicating positive sentiments in the markets. Today all eyes will be set on GDP data of U.S. due to be released in the evening. American economy is expected to rise by 2.8% against 3.5% previous month. Any figures above expectation will lead to bullish sentiments in equities, commodities and currency markets. In domestic markets Liquidity continued to grow as Money supply (M3) which comprises of currency in circulation, bank deposits and money invested in other saving plans grew 17.8% in past two weeks to Rs.51.7 trillion. A close below 46.45 will change the weekly trend of USDINR and one can expect pair to touch 46.00. In Intraday 46.30 will act as a crucial support while 46.65 will act as a key resistance.
Pivot Support 1 Support 2 Resistance 1 Resistance 2
Spot 46.5067 46.3883 46.2917 46.6033 46.7217
Nov. Future 46.5158 46.4367 46.3458 46.6067 46.6858
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