USDINR November Futures were trading with a negative bias on the NSE on Wednesday at 2:15 pm. The USDINR Futures were trading at 74.34, down by almost 5 paise around this time after opening positively and attaining an intraday high of 74.54. The previous closing was at 74.39.  

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Traders must expect some profit booking as the trading session further progresses, analyst Anuj Gupta said.  

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Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities recommends a Sell on the November USDINR futures at 74.60 with a stop loss at 74.80 and target at 74.10. He said that the weakness was account of profit booking.  

Brokerage firm Motilal Oswal recommended a Buy on the 26 November USDINR futures at 74.25 CE while Sell on 74.75 CE.  

On Tuesday, the Dollar rose to the highest level in 16-months after the release of robust retail sales data, it said in its daily report. “We expect the USDINR (Spot) to trade sideways and quote in the range of 74.05 and 74.70,” the brokerage house said. 

The greenback was helped by Tuesday data which showed US retail sales rose faster-than-expected in October, potentially encouraging the US Federal Reserve to accelerate the tapering of its asset purchase programme, as inflation remains stubbornly high, a Reuters report said.      

INR vs other major currencies 

EURINR (18 November) – EURINR was also trading with weakness at trading at 84.12 on Wednesday around at this time, down by 0.52 per cent or 44 paise from the previous closing price of 84.56. It attained a high of 84.32 on the intraday basis.  

GBPINR (18 November) – GBPINR was trading at 99.91 on Wednesday around this time, down by 0.08 per cent or 8 paise from the previous closing price of 99.99. The intraday high was 100.20. Gupta recommended a Sell at 100.20. He puts the stop loss at 100.50 while the target at 99.40.  

Euro and Pound both were weighed down after the release of better-than-estimated data from the US, this Motilal Oswal report said. Today, the focus will shift to the CPI data that will be released from the UK and expectation is that price rise could be faster as compared to the previous month.

JPYINR (18 November) – JPYINR November Futures were trading at 64.70, down by 40 paise or 0.62 per cent from the previous closing price of 65.10. It attained a high of 64.88 on the intraday basis.   

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)