Rupee may trade in 47.80-48.80 range
If the rupee manages to break the 47.8 level and remain under that, then we can see a change in the trend.
Updated:
Pramit Brahmbhatt, Managing Director, Alpari India
The rupee is expected to remain in a broad range of 47.80-48.80. The dollar has a strong support at 48.50-47.90 levels which can provide strong resistance to the rupee to appreciate. If the rupee manages to break the 47.8 level and remain under that, then we can see a change in the trend.
Inflation rate and the expected interest rise can be the key local factors for the USD-INR movement. But looking at the current scenario above, two factors will be having no effect in determining the moment. The equity market is also a major influence in USD-INR pricing.
But the equity market is more dependent on global scenario at the moment. So, looking at overall scenario, global markets will have bigger say than domestic factors. The Euro zone will play a key role, as in past few weeks, in determining the course of local market moments. We have seen a positive shapeup on Friday.
The rupee is expected to remain in a broad range of 47.80-48.80. The dollar has a strong support at 48.50-47.90 levels which can provide strong resistance to the rupee to appreciate. If the rupee manages to break the 47.8 level and remain under that, then we can see a change in the trend.
Inflation rate and the expected interest rise can be the key local factors for the USD-INR movement. But looking at the current scenario above, two factors will be having no effect in determining the moment. The equity market is also a major influence in USD-INR pricing.
But the equity market is more dependent on global scenario at the moment. So, looking at overall scenario, global markets will have bigger say than domestic factors. The Euro zone will play a key role, as in past few weeks, in determining the course of local market moments. We have seen a positive shapeup on Friday.
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