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

Currency Update: Indian currency witnessed some see saw moves on local bourses

SMC | 07 Oct, 2017  | Follow Author | Add to my Favourites 
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Market Stance

 

After falling for two consecutive weeks, Indian currency witnessed some see saw moves on local bourses amid mixed fundamentals. On one hand sharp recovery in local equities supported the Indian currency while on other hand firm dollar overseas capped the gains last week. Most Asian currencies took a knock as the dollar firmed on U.S. economic data that showed strong growth in the country's service sector. U.S. service sector growth rate hit its fastest in 12 years in September, helping the dollar index against a group of six rivals rise marginally. The Indian rupee also weakened slightly after the Reserve Bank of India (RBI) kept its policy rate unchanged, which was within sight of sevenyear lows, due to the surge in inflation. The RBI plans to lower its statutory liquidity ratio, the amount of bonds that banks must set aside with the central bank, to accelerate lending in the economy.


Technical Recommendation


USD/INR

 

USD/INR (OCT) contract closed at 65.29 on 14th October'17. The contract made its high of 65.87 on 03rd October'17 and a low of 65.15 on 05th October'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 65.11.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 60.91. One can sell below 65.20 for the target of 64.60 with the stop loss of 65.55


GBP/INR


GBP/INR (OCT) contract closed at 86.10 on 05th October'17. The contract made its high of 87.60 on 03rd October'17 and a low of 86.00 on 05th October'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 86.84.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 50.39. One can sell below 85.40 for a target of 84.40 with the stop loss of 85.95.


EUR/INR

 

EUR/INR (OCT) contract closed at 76.76 on 05th October'17. The contract made its high of 77.31 on 03rd October'17 and a low of 76.73 on 05th October'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 77.08.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 49.32.One can sell below 76.50 for a target of 75.70 with the stop loss of 76.90.


JPY/INR


JPY/INR (OCT) contract closed at 58.11 on 05th October'17. The contract made its high of 58.34 on 04th October'17 and a low of 57.94 on 05th October'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 58.20.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 47.36. One can buy above 58.20 for a target of 58.70 with the stop loss of 57.90


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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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