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Currency Update: Indian rupee were seen pared against the greenback in the week gone by

SMC | 31 Jan, 2017  | Follow Author | Add to my Favourites 
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Market Stance


Indian rupee begins the week with a positive note on local bourses following weakness in overseas dollar and strong local equities. In overseas market the dollar fell to a 1-1/2 month low against an index of the world's other top currencies after US President Donald Trump struck a protectionist tone in his inauguration speech. Sterling was the other big gainer among developed market currencies, hitting a five-week high as investors bet Britain's Supreme Court would rule out the government parliamentary approval to trigger formal Brexit talks. However, in later part of the week some of the gains witnessed by Indian rupee were seen pared against the greenback following month-end demand from importers and banks for the American currency.


Technical Recommendation


USD/INR


USD/INR (FEB) contract closed at 68.08 on 25thJanuary'17. The contract made its high of 68.25 on 23th January'17 and a low of 68.03 on 23rd January'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 68.18.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 47.99. One can sell below 68.00 for the target of 67.40 with the stop loss of 68.30


GBP/INR


GBP/INR (FEB) contract closed at 85.63 on 25thJanuary'17. The contract made its high of 85.79 on 25th January'17 and a low of 84.57 on 23rdJanuary'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at

84.17.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 62.04. One can buy around 85.25 for a target of 86.25 with the stop loss of 84.75.


EUR/INR

 

EUR/INR (FEB) contract closed at 73.18 on 25thJanuary'17. The contract made its high of 73.35 on 24thJanuary'17 and a low of 73.01 on 25thJanuary'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 72.63.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 61.10. One can buy above 73.00 for a target of 73.80 with the stop loss of 72.60.


JPY/INR


JPY/NR (FEB) contract closed at 59.95 on 23rdJanuary'17. The contract made its high of 60.49 on 24thJanuary'17 and a low of 59.91 on 25thJanuary'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 59.54.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 56.38. 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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