Myiris.com has collated views of experts on the currency markets for today. The same are as under:
ICICIDirect expects the US dollar to attract some selling pressure on rallies against the INR. ``Utilize the highs in the USD/INR August contract to sell below 56.03 with 55.84/55.74 and a stop loss of 56.12,`` it says.
``In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 55.91. The USD/INR August open interest was down by 1.6% from the previous day. The September contract open interest was up by 11% from the previous day,`` it notes.
Emkay Global Financial Services:
``USD/INR would most probably fall towards 55.37. Resistances are near 55.77/55.95. It has to rise above 56.15 to hint at the possibility of rising further to 56.43/56.55.``
The Indian rupee fell to a two-week low on Thursday, aligning with a surge in the global dollar, with losses pruned by dollar selling by large corporates at higher levels.
Dealers said that a large petrochemical company and an engineering company sold USD 200-USD 250 million in the session, helping offset some losses.
``We expect the rupee to remain under pressure. Crude oil prices have moved up and there has been demand from oil companies. Inflation is lower but not at a level where RBI would be comfortable,`` said, Ashok Mittal, CEO Emkay Commotrade in an interview with Reuters.
Prices opened above the rising resistance line. However, failed to sustain above it and slide below to close at lower levels. Some sell-off can be seen in the counter today.
RSI (14) is balance in the neutral zone.
As expected it opened with a negative gap. And it ended near the previous day???s low. This indicates weakness in the counter and further decline can be seen.
RSI (14) double bottom is visible.
The pair is heading towards the valid resistance line, pegged at 87.99 levels, with strong volumes. If prices surpass the same, they can flare up to 88.5 levels.
RSI (14) has formed the bullish head and shoulders pattern.
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