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Currency Update: Indian currency remained subdued in the week gone by tracking firm dollar overseas - IndiaNotes.com
Currency Update: Indian currency remained subdued in the week gone by tracking firm dollar overseas
SMC | Published: 23 Aug, 2017  | Source : IndiaNotes.com

Market Stance

 

Indian currency remained subdued in the week gone by tracking firm dollar overseas. The US dollar remained on defensive mode after the minutes from the Federal Reserve's last policy meeting showed policymakers were increasingly wary of recent softness in inflation and could delay a rate hike. Moreover, sustained demand for the American currency from banks and importers along with undertone local equities also hurt the sentiment for local unit in the week gone by. In other currencies Britain's pound fell to its lowest against the euro in 10 months with nerves over jobs and wages data adding to growing noise over Brexit negotiations with the European Union. Moreover news of a deadly attack in Barcelona also sparked selloff in global equities which again hurt the sentiments for local unit.


Technical Recommendation


USD/INR

 

USD/INR (AUG) contract closed at 64.24 on 16thAugust'17. The contract made its high of 64.40 on 16th August'17 and a low of 64.03 on 14th August'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 64.16.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of49.18. One can sell below 64.15 for the target of 63.70 with the stop loss of 64.40.


GBP/INR


GBP/INR (AUG) contract closed at 82.74 on 16th August'17. The contract made its high of 83.49 on 14th August'17 and a low of 82.70 on 16th August'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 83.58.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 37.12. One can sell below 82.75 for a target of 82.00 with the stop loss of 83.10..


EUR/INR

 

EUR/INR (AUG) contract closed at 75.21 on 16th August'17. The contract made its high of 75.90 on 14th August'17 and a low of 75.21 on 16thAugust'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 75.35.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 54.40.One can sell below 75.20 for a target of 74.20 with the stop loss of 75.70.


JPY/INR


JPY/INR (AUG) contract closed at 58.07 on 14th August'17. The contract made its high of 58.60 on 14th August'17 and a low of 58.00 on 16thAugust'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 58.13.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 50.51. One can buy around 58.50 for a target of 59.50 with the stop loss of 58.00.

 

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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.