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Currency Update: Overseas dollar eases off from 14 year peak

SMC | 10 Jan, 2017  | Follow Author | Add to my Favourites 
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Market Stance


Indian rupee started the week on a negative note and hit one month low as against the dollar on the back of firm dollar overseas and heavy demand for greenback from importers and corporate. Overseas dollar gained strength on the back of expectations for a faster pace of rate hikes from the Federal Reserve and increased fiscal spending under the incoming Trump administration. However in later part of the week local unit was seen paring its losses as domestic equities took a sharp rally. Moreover positive cues also came from overseas dollar as it eases off from 14 year peak as unexpectedly big falls in the dollar against the yuan had knock-on effects on the dollar against major currencies, such as the yen and the euro.


Technical Recommendation


USD/INR


USD/INR (JAN) contract closed at 68.12 on 05th January'17. The contract made its high of 68.51 on 03rd January'16 and a low of 67.88 on 05thJanuary'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 68.12.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 52.32. One can sell below 67.85 for the target of 67.10 with the stop loss of 68.25


GBP/INR


GBP/INR (JAN) contract closed at 83.89 on 05th January'17. The contract made its high of 84.24 on 03rd January'17 and a low of 83.60 on 05thJanuary'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 84.08.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 45.01. One can buy around 84.00 for a target of 85.00 with the stop loss of 83.50.


EUR/INR

 

EUR/INR (JAN) contract closed at 71.53 on 05th January'17. The contract made its high of 71.87 on 05thJanuary'17 and a low of 71.20 on 04thJanuary'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 71.49.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 46.27. One can buy around 72.00 for a target of 73.00 with the stop loss of 71.50.


JPY/INR


JPY/NR (JAN) contract closed at 58.47 on 05th January'17. The contract made its high of 58.81 on 05thJanuary'17 and a low of 57.96 on 04thJanuary'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 58.36.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 42.58. One can buy above 59.00 for a target of 60.00 with the stop loss of 58.50.


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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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