Update on USD/INR – 16-Dec-2014

USDINR tips

Hi all,
We are seeing a very Bullish US Dollar that opened higher against Indian Rupee at 63.6125
The Daylow as of now is 63.44 and Dayhigh is 63.6675
India’s Export data that came out at 7.3% against previous -5.0% didn’t help Rupee to recover.
The increase in Imports (26.8% against previous 3.6%) showed the picture of Export-Import gap which affected INR adversely.
Evenif its difficult to say a resistance figure exactly on pre-FOMC meeting day, I think 63.7850 is a good resistance, if the present Dayhigh of 63.6675 is broken.

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