USDINR Open Interest Chart is shown above for December 2011 Option Series. Highest Open Interest among the option series is visible in Rs52.00 PE contract with 173,945 open interest also call writing is also visible in 53.00CE with comparitively less open interest than Rs52.00 PE. This indicates Rs 53 is the shorter term resistance for the current option series and currently USDINR is trading below Rs52. So prolong trading below Rs 52 indicates that rupee will strengthen in coming days. If rupee tends to close above the 52.00 level then rupee can move in the range bound fashion for the current month between the levels Rs52.00-Rs53.00.
About Rajandran R
Rajandran is a trading strategy designer and founder of Marketcalls, a hugely popular trading site since 2007 and one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies.