Analysts take on forex market

24/12/2014 01:52 AST

Indian rupee has depreciated on Tuesday against US dollar. Indian currency fell 3 paise or 0.05 percent against dollar to trade at 63.27. Rupee has witnessed a high of 63.25 and a low of 63.31. Its 52-week range was 58.34-63.89.

Commenting on the currency outlook, ICICIdirect expect the US dollar to garner buying support on declines against the rupee. ''Utilize declines in the USD/INR December contract to buy. Buy USD/INR December futures in the range of 63.05-63.15 with target 63.32-62.50.''

Sushil Finance expects USDINR is likely to trade on the positive note on the back of outlook on US interest rates. The Indian rupee gained marginally while bonds were steady on Monday as investors stayed on the sidelines in a holiday-shortened Christmas week likely to see diminishing foreign fund flows.

Meanwhile, Emkay Commodiy Research expect today pair is expected to have immediate resistance at 63.30 levels and as far as trading below 63.40, can trade sideways to lower towards 63.10-63.15. Pair can see fresh selling only below 63.10. On higher side, only a breakout above 63.40 can take pair higher towards 63.55.


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