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

Currency Update: Indian rupee settled with marginal gains in the week gone by

SMC | 25 Jan, 2017  | Follow Author | Add to my Favourites 
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Market Stance


After three week of consecutive fall, finally Indian rupee took a sigh of relief and settled with marginal gains in the week gone by taking positive cues from overseas dollar and firm local equities. Past week rupee climb up to test one week high as against the greenback on back of sustained dollar unwinding from banks and exporters in the face of sluggish greenback overseas. The dollar index wallowed near six-week lows pressured by U.S. President-elect Donald Trump's comments showing concern over the currency's strength. Among other currencies, sterling posted its biggest one-day gain against the dollar since at least 1998 after British Prime Minister Theresa May outlined her 'Brexit' plans. The dollar had surged at the end of the year 2016 on expectations that Trump's proposed fiscal stimulus boost growth and inflation.


Technical Recommendation


USD/INR


USD/INR (JAN) contract closed at 68.20 on 19th January'17. The contract made its high of 68.38 on 16th January'17 and a low of 67.96 on 18th January'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 68.19.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 52.03. One can buy above 68.40 for the target of 68.90 with the stop loss of 68.15.


GBP/INR


GBP/INR (JAN) contract closed at 84.12 on 19th January'17. The contract made its high of 84.16 on 19th January'17 and a low of 81.97on 16th January'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 83.60.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 52.22. One can buy above 84.00 for a target of 85.00 with the stop loss of 83.50.


EUR/INR

 

EUR/INR (JAN) contract closed at 72.70 on 19th January'17. The contract made its high of 72.90 on 16th January'17 and a low of 72.25 on 16thJanuary'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 72.29.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 56.93. One can buy above 73.00 for a target of 74.00 with the stop loss of 72.50.


JPY/INR


JPY/NR (JAN) contract closed at 59.48 on 19th January'17. The contract made its high of 60.28 on 17th January'17 and a low of 59.46 on 19th January'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 59.29.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 52.51. One can sell around 59.50 for a target of 58.50 with the stop loss of 60.00.


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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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