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Currency Update: Indian rupee took a sharp rally as against dollar to test 17 month high - IndiaNotes.com
Currency Update: Indian rupee took a sharp rally as against dollar to test 17 month high
SMC | Published: 29 Mar, 2017  | Source : IndiaNotes.com

Market Stance


Indian rupee started the week with a positive note and took a sharp rally as against dollar to test 17 month high on the back of increased selling of the American currency by exporters and banks. A weak dollar in overseas markets largely supported the up move despite a sell-off in local stocks. Meanwhile gains were seen pared while market move towards the end of the week as some fresh demand for dollar on lower levels from importers was seen. Meanwhile, the greenback remained under pressure on growing uncertainty over the path of US monetary policy and traded below 100 mark against basket of currencies. The U.S. currency has struggled this week as growing doubts over Trump's ability to push through with economic and tax policies triggered broad risk aversion and buffeted equities.


Technical Recommendation


USD/INR

 

USD/INR (APR) contract closed at 65.79 on 23rd March'17. The contract made its high of 65.84 on 22ndMarch'17 and a low of 65.52 on 21st March'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 66.23


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 26.12. One can sell below 65.60 for the target of 64.80 with the stop loss of 66.00.


GBP/INR


GBP/INR (APR) contract closed at 82.36 on 23rd March'17. The contract made its high of 82.37 on 23rd March'17 and a low of 81.16 on 21st March'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 82.32.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 44.56. One can sell below 82.00 for a target of 81.00 with the stop loss of 82.50.


EUR/INR

 

EUR/INR (APR) contract closed at 71.17 on 23rd March'17. The contract made its high of 71.22 on 22nd March'17 and a low of 70.82 on 20th March'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 71.07.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 47.07. One can sell below 70.80 for a target of 70.00 with the stop loss of 71.20.


JPY/INR


JPY/INR (APR) contract closed at 59.29 on 23rdMarch'17. The contract made its high of 59.29 on 23rd March'17 and a low of 59.08 on 22nd March'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 59.15.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 48.68.One can sell below 59.00 for a target of 58.00 with the stop loss of 59.50.

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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.