Rupee vs Dollar: USDINR futures for October 27 ended at 82.3825 on the NSE on Thursday, up 0.58 paise or 0.70% from the last closing price of 81.8075. It hit an intraday high of 82.4400. Commodities and forex expert Anuj Guta expects the October 27 USDINR futures to make a test of 82-50 over the next 1-2 trading sessions.
For traders, it’s a buying opportunity, he said. Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities suggests a buy at 8170 with a stop loss at 81.40 and a price target of 82.50 against the USD.
Source: NSE
Meanwhile, in the interbank foreign exchange market, the local currency opened on a positive note at 81.52, then trimmed all gains to settle at an all-time low of 81.94 against the US currency, registering a decline of 32 paise compared to its previous close. , according to a PTI report. During the day, INR witnessed an intraday high of 81.51 and a low of 81.94 against the greenback. On Tuesday, the rupee appreciated by 20 paise to end at 81.62 against the US dollar.
“The rupee, after appreciating marginally on Tuesday, is coming under pressure again. The dollar strengthened after US services PMI and private payroll numbers came in better than estimates,” he said this report quoting Gaurang Somaiya, currency and bullion analyst at Motilal. Oswal Financial Services.
The main crosses between the euro and the pound continued to be a selling pressure at higher levels. The focus will be on the proceedings of the European Central Bank (ECB) meeting, Somaiya said.
“We expect USD/INR (spot) to trade in the range of 81.20-82.05,” Somaiya added.
Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, advanced 0.06% to 111.27.
How international currencies were traded on Comex
Source: Comex
(Disclaimer: The opinions/suggestions/advice expressed here in this article are solely those of investment experts. Zee Business suggests its readers to consult their investment advisors before taking any financial decisions.)
