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Currency Update: Indian rupee traded in a narrow range in the week gone by - IndiaNotes.com
Currency Update: Indian rupee traded in a narrow range in the week gone by
SMC | Published: 08 May, 2017  | Source : IndiaNotes.com

Market Stance


Indian rupee traded in a narrow range in the week gone by on the back of mixed sentiments. The uncertainty of timing of an interest rate hike from the Federal Reserve kept the local unit in doldrums. US central bankers stuck to their outlook for gradual monetary-policy tightening after they left interest rates unchanged, as expected, but left open the prospect of raising them next month. Meanwhile, spectacular rebound in local equities kept the losses under check for rupee. The rally in domestic equities was spearheaded by banking stocks after the Union Cabinet on Wednesday cleared an ordinance empowering the Reserve Bank of India (RBI) to act against willful defaulters. In other currencies, the euro traded near a six-month high as against the dollar supported by expectations that centrist Emmanuel Macron would win France's presidential election.


Technical Recommendation


USD/INR

 

USD/ INR (MAY) contract closed at 64.38 on 04th May'17. The contract made its high of 64.46 on 02nd May'17 and a low of 64.33 on 03rd May'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 64.51.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 38.21. One can sell below 64.30 for the target of 63.75 with the stop loss of 64.55.


GBP/INR


GBP/ INR (MAY) contract closed at 83.06 on 04th May'17. The contract made its high of 83.38 on 03rd May'17 and a low of 82.71 on 04th May'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 82.61.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 57.97. One can buy around 83.25 for a target of 84.25 with the stop loss of 82.75


EUR/INR

 

EUR/ INR (MAY) contract closed at 70.44 on 04th May'17. The contract made its high of 70.51 on 04th May'17 and a low of 70.13 on 04th May'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 69.99.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 58.90. One can buy around 70.60 for a target of 71.45 with the stop loss of 70.15.


JPY/INR


JPY/ INR (MAY) contract closed at 57.07 on 04th May'17. The contract made its high of 57.65 on 02ndMay'17 and a low of 57.05 on 04th May'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 58.08.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 33.56. One can sell below 57.35 for a target of 56.60 with the stop loss of 57.70.

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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.