USD/INR

Last week USD INR JUNE series opened at 46.8 & this itself was the low of the week .It then continued to rise till 48.22 to mark the high of the week & finally closed the week at 47.25.Volumes have been rising since the election results are announced. Technically speaking 46.60 to 46.80 is very strong support as these were formed during last quarter of the 2008. There is strong dollar inflow in capital market by the FII. We are of the view that it will not breach 46.60 on downside & 48.20 will act as resistance for the wee unless some calamity take place.


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EURO/USD
 In the intermediate term it is heading for the 1.47-1.50 range. Last week we had stated that it will not breach 1.375 on downside & may touch the 1.425-1.44 range. Actually it made the low of the 1.3793 & high of 1.4168.For the coming week our expectation is that it will not breach 1.450 on downside & on upside it will attempt to touch 1.4400.


 
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GBP/USD
Last week it has breached the 1.595 level on upside & made the high of 1.6197.This was contrary to our expectation of reacting to downside level of 1.53 to 1.54.For the coming week we see at best it may surge to 1.63 on upside & on downside it will attempt to touch the 1.58-1.59 level.
 
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USD/JPY
Last week we had expected some range bound movement within 94.00-96.50.However it overshoot & made the high of 97.24.We still see same range bound movement in the coming week. In case it breaches the 93.85 it will touch the 90.00 level soon.