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You are here : IndiaNotes >> Market Action >> Currency

Currency Update: Indian Rupee tested six week low to end the week in red territory

SMC | 18 Jan, 2017  | Follow Author | Add to my Favourites 
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Market Stance


Expectation of weak GDP figures and firm overseas dollar with higher crude oil prices weighed on Indian rupee in the week gone by as local unit loses its shine against the greenback and tested six week low to end the week in red territory. The GDP growth is estimated to come down to 7.1 per cent in the current financial year, from 7.6 per cent in 2015-16, mainly due to slump in manufacturing, mining and construction sectors. However, fall for rupee remains under check due to smart rally in local equities. From global factors, dollar stood tall against its major rivals after the latest US payrolls data indicated strong underlying wage growth, strengthening the case for more rate increases in 2017. Moreover, the U.S dollar was also remain buoyed ahead of the first press conference of the US president elect-Donald Trump.


Technical Recommendation


USD/INR


USD/INR (JAN) contract closed at 68.19 on 12thJanuary'17. The contract made its high of 68.51 on 11th January'16 and a low of 68.06 on 12th January'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 68.21.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 52.07. One can buy above 68.40 for the target of 68.75 with the stop loss of 68.20


GBP/INR


GBP/INR (JAN) contract closed at 83.75 on 12thJanuary'17. The contract made its high of 84.69 on 09th January'17 and a low of 82.78 on 10thJanuary'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 83.78.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 46.60. One can buy around 83.00 for a target of 84.00 with the stop loss of 82.50.


EUR/INR

 

EUR/INR (JAN) contract closed at 72.59 on 12thJanuary'17. The contract made its high of 73.84 on 10thJanuary'17 and a low of 71.94 on 09thJanuary'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 71.91.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 56.84. One can buy above 72.80 for a target of 73.80 with the stop loss of 72.30.


JPY/INR


JPY/NR (JAN) contract closed at 59.72 on 12thJanuary'17. The contract made its high of 59.80 on 12thJanuary'17 and a low of 58.25 on 09thJanuary'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 58.74.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 57.68. One can sell below 59.50 for a target of 58.75 with the stop loss of 59.85.


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About SMC
SMC Research, founded in 1990, is India’s leading share and stock broker, provides a wide range of financial services and investment solutions. A blend of extensive experience, diverse talent and client focus has made us the 4th largest broking house in India(Source: Dun and Bradstreet, 2008). Over the years, SMC has expanded its operations domestically as well as internationally. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Cochin, Ahmedabad, Jaipur, Hyderabad, Bangalore plus a growing network of 2100+ offices spread across 425 cities/towns in India.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.



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