Currencies World 17-07-2014 …

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MCX-SX USDINR Jul 2014

Rupee fell for a second session in a row as dollar demand from state-run banks for oil-and defence-related payments offset a recovery in shares after a five-day losing streak. The rupee to remain range-bound in the near-term, with markets also focused on Federal Reserve Chair Janet Yellen’s congressional testimony due later on Tuesday. State-run banks have been mopping up dollars for oil- and defence-related payments in the recent sessions. Some of this demand could be for the government’s effort to pay Iran a part of its oil dues.

India’s wholesale price inflation slowed more-than-expected in June to a four-month low, official data revealed. Wholesale price inflation came in at 5.43 percent in June, the lowest since February and down from 6.01 percent in May, the Ministry of Commerce and Industry said.

Inflation was expected to ease to 5.73 percent. India’s industrial production growth accelerated more than expected in May underpinned by strong improvement in electricity and manufacturing. Industrial production expanded 4.7 percent in May from last year, faster than the 3.4 percent increase seen in April, the Central Statistics Office reported. Economists had forecast the annual increase to rise moderately to 3.6 percent.

The partially convertible rupee ended at 60.12/13 per dollar compared with 60.07/08 on Monday. Technically market is under long liquidation as market has witnessed drop in open interest by -4.5% to settled at 486262 while prices down -0.0175 rupee, now USDINR is getting support at 60.19 and below same could see a test of 60.105 level, And resistance is now likely to be seen at 60.385, a move above could see prices testing 60 495

USDINR Intraday Highlights

• USDINR trading range for the day is 60.1-60.49.
• Rupee fell as dollar demand from state-run banks for oil-and defence-related payments offset a recovery in shares after a five-day losing streak.
• India’s wholesale price inflation slowed more-than-expected in June to a four-month low official data revealed.
• India’s industrial production growth accelerated more than expected in May underpinned by strong improvement in electricity and manufacturing

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