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Currency Update: Indian Rupee traded in a thin range in the absence of any fresh trigger - IndiaNotes.com
Currency Update: Indian Rupee traded in a thin range in the absence of any fresh trigger
SMC | Published: 28 Aug, 2017  | Source : IndiaNotes.com

Market Stance

 

Indian rupee remained sideways in the week gone by and traded in a thin range in the absence of any fresh trigger. Investors are hoping to get hints on future policy path of the US Federal Reserve. Moreover, sustained unwinding of long positions by FPIs and funds in local equities along with a strong dollar overseas largely weighed on the home currency and capped any sharp gains. Going forward, Rupee is expected to remain volatile ahead of the annual Jackson Hole retreat that plays host to global central bankers discussing economic policy. At present, the dollar-rupee volatility index is at a near sixmonth low. Investors need to keep focus on geopolitical conditions as well which can again signal any fresh trigger for currency movement.


Technical Recommendation


USD/INR

 

USD/INR (SEP) contract closed at 64.35 on 23rdAugust'17. The contract made its high of 64.41 on 21st August'17 and a low of 64.29 on 21stAugust'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 64.39.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 44.68. One can buy above 64.40 for the target of 64.80 with the stop loss of 64.20.


GBP/INR


GBP/INR (SEP) contract closed at 82.54 on 23rd August'17. The contract made its high of 83.04 on 22nd August'17 and a low of 82.54 on 23rd August'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 83.51.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 40.66. One can buy above 83.00 for a target of 84.00 with the stop loss of 82.50.


EUR/INR

 

EUR/INR (SEP) contract closed at 75.87 on 23rd August'17. The contract made its high of 76.10 on 22ndAugust'17 and a low of 75.61 on 21stAugust'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 75.52.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 61.25.One can buy above 76.00 for a target of 77.00 with the stop loss of 75.50.


JPY/INR


JPY/INR (SEP) contract closed at 58.92 on 23rd August'17. The contract made its high of 58.98 on 23rd August'17 and a low of 58.90 on 23rdAugust'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 58.23.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 54.25. 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.