The Indian
rupee is standing around 54.26 today on occasional boost by US dollar and
sentiment drive of FDI in multi brand retail. From local markets, the IIP data for
October is to be released at 11 PM, expected to read above 5%. In the global
markets, everyone is waiting to see outcome of FOMC meeting. The US dollar has
declined before the meeting whiles the Euro, GBP gained on expectation of
further loosening of monetary policy. Chart suggest further appreciation of the
Indian rupee while the level of 54.04 need to break.
Currency
traders can look for selling USDINR pairs in the future market with stops above
54.76 levels.
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