Thursday, 02 April 2015 17:59

Will Rupee Open Below 61.50 on 15th JAN?

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Today Rupee opened at 61.6050, made high 61.65 and low 61.42. Rupee closed below opening level by 9 paisa at 61.51. Today, India Consumer Price Index data of December was read 9.87% prior 11.24% Food prices rose 12.16% last month slowing from 14.72% (previous reading nov13).the Positive data may support Rupee to open below 61.50  on 15th Jan.

But, we have WPI data on 14th Jan which is expected at 6.99% prior 7.52%. Any negative data may harm Rupee upward rally. However, we expect positive WPI data, as good rainfall is expected to bring vegetable prices down. CPI has shown similar trend for the previous month.

Over and above this, we have FOMC member Plosser and Fisher speech, which are important as market wants to know FOMC guidance on tapering program post less than expected NFP. We also have retail sales, core retail sales and import prices which are expected better than previous reading. If come so it may support USD for time being only.

 

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