CAD at 6.7% likely to weaken rupee: Emkay.

Indian rupee remained in a range on Thursday as investors remained wary of long weekend and Fiscal year ending, traders also awaited CAD data which came after the closure of currency markets.

India's CAD touched to all time high of 6.7% of GDP data on late Thursday showed. This can have its impact today as currency markets opens after a long weekend.

Commenting on outlook for currency, Emkay Global Financial Services said, ''USDINR prices has been trading in range between 54.55 and 53.90 levels since Mar 8. For the day trend remains firm and could gain its positive momentum from current levels of 54.25, where 100-Day EMA falls, with the price objective of 54.55 levels initial and A decisive close above those levels can attract potential gains towards 54.79 levels.

We expect Indian rupee to get weaker today as CAD data which came negative can push INR down at the same time uncertainty in the market over Eurozone and tensions in North Korea and South Korea can increase US dollar's safe haven appeal. Volumes can be low as banks are close today.''


Source : myiris.com