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Currency Update: Indian rupee witnessed see saw moves on local bourses - IndiaNotes.com
Currency Update: Indian rupee witnessed see saw moves on local bourses
SMC | Published: 20 Apr, 2017  | Source : IndiaNotes.com

Market Stance


Indian rupee remained sideline in the week gone by and witnessed see saw moves on local bourses. However it manages to settle with marginal losses against the dollar as forex market sentiment dipped over simmering geopolitical tensions at the global level. Investor sentiment soured over rising military heat in the Middle East and the Korean peninsula following last week's US strike against Syria and saber-rattling by the US and North Korea. Moreover hefty profit booking in local equities at higher levels also hurt the sentiment for rupee. Traders were seen cautious ahead of IIP and Inflation data. Moreover, Indian rupee has jumped vs the US dollar recently with approx. 4% appreciation in the last seven weeks and has become the best performing Asian currency during the period. In other currencies The yen hit five-month highs against the dollar, euro and sterling as simmering geopolitical tensions checked risk appetite and put the safe-haven Japanese currency in favour.


Technical Recommendation


USD/INR

 

USD/INR (APR) contract closed at 64.77 on 12th April'17. The contract made its high of 64.83 on 12th April'17 and a low of 64.43 on 10th April'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 65.04.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 33.20. One can sell below 64.45 for the target of 63.80 with the stop loss of 64.75


GBP/INR


GBP/INR (APR) contract closed at 81.03 on 12th April'17. The contract made its high of 81.04 on 12th April'17 and a low of 79.89 on 10th April'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 80.97.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 46.43. One can buy above 81.30 for a target of 82.30 with the stop loss of 80.80.


EUR/INR

 

EUR/INR (APR) contract closed at 68.75 on 12th April'17. The contract made its high of 68.86 on 12th April'17 and a low of 68.30 on 10th April'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 69.44.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 27.76. One can sell below 68.50 for a target of 67.80 with the stop loss of 68.85.


JPY/INR


JPY/INR (APR) contract closed at 59.15 on 12th April'17. The contract made its high of 59.27 on 12th April'17 and a low of 57.91 on 10th April'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 58.56.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 57.08. One can buy around 59.00 for a target of 59.80 with the stop loss of 58.60.

 

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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.