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

Currency Update: Indian rupee remained sideline in the week gone by

SMC | 27 Dec, 2016  | Follow Author | Add to my Favourites 
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Market Stance


Indian rupee remained sideline in the week gone by and witnessed see saw moves on back of mixed cues. Weak equity market amid consistent foreign fund outflows hampered the sentiment for local unit while profit bookig at higher levels in overseas dollar capped losses for rupee in the week gone by. Overseas dollar has tested its 14-year high level against a basket of major currencies as markets repositioned for a faster pace of rate hikes by the US Federal Reserve over the next year. But, domestic factors like the Reserve Bank of India's status quo on policy rates in December review added strength to the local currency and not allowed to slide along with overseas dollar. Moreover, fresh geopolitical nervousness amid attacks in Germany and Turkey also kept volatility in currency markets.


Technical Recommendation


USD/INR


USD/INR (JAN) contract closed at 67.99 on 22ndDecember'16. The contract made its high of 68.10 on 20thDecember'16 and a low of 67.74 on 19th December'16 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 67.90.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 47.87. One can sell below 67.60 for the target of 66.80 with the stop loss of 68.00.


GBP/INR


GBP/INR (JAN) contract closed at 83.97 on 22nd December'16. The contract made its high of 84.80 on 19th December'16 and a low of 83.15 on 23rd December'16 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 84.66.

On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 37.14. One can sell around 83.75 for a target of 82.50 with the stop loss of 84.25.


EUR/INR

 

EUR/INR (JAN) contract closed at 71.22 on 22ndDecember'16. The contract made its high of 71.25 on 22ndDecember'16 and a low of 70.58 on 20thDecember'16 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 71.54.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 33.71. One can sell below 70.50 for a target of 69.50 with the stop loss of 71.00.


JPY/INR


JPY/NR (JAN) contract closed at 57.91 on 22nd December'16. The contract made its high of 57.94 on 20thDecember'16 and a low of 57.52 on 20th December'16 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 58.59.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 26.29. One can buy above 58.25 for a target of 59.25 with the stop loss of 57.75.


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About SMC
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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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