Rupee Vs Dollar: Buy 27 October USDINR futures for this target for gains, expert says

Rupee Vs Dollar: The 27 October USDINR futures ended at 82.3825 on the NSE on Thursday, up by 0.58 paise or 0.70 per cent from the last closing price of 81.8075. It hit the intraday high of 82.4400. Commodity and currency expert Anuj Guta expects the 27 October USDINR futures to test 82-50 over the next 1-2 trading sessions.

For traders, it is a buying opportunity he said. Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities suggests a buy at 8170 with a stop loss at 81.40 and price target of 82.50 against the USD.

Source: NSE

Meanwhile, at the interbank foreign exchange market, the local currency opened on a positive note at 81.52, then pared all the gains to settle at an all-time low of 81.94 against the American currency, registering a decline of 32 paise over its previous close, according to a PTI report. During the day, the INR witnessed an intra-day high of 81.51 and a low of 81.94 against the greenback. On Tuesday, the rupee appreciated by 20 paise to end at 81.62 against the US dollar.

"Rupee, after appreciating marginally on Tuesday, is again starting to come under pressure. The dollar strengthened after services PMI and private payrolls numbers from the US came in better than estimates," this report said quoting Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

Major crosses euro and pound continued to witness selling pressure at higher levels. The focus will be on the European Central Bank (ECB) meeting minutes, Somaiya said.

"We expect the USD/INR (Spot) to quote in the range of 81.20 and 82.05," Somaiya added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.06 per cent to 111.27.

How International Currencies were trading on Comex 

 Source: Comex

(Disclaimer: The views/suggestions/advises 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.)