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Currency Update: Rupee closed the week in negative territory amid sustained dollar demand - IndiaNotes.com
Currency Update: Rupee closed the week in negative territory amid sustained dollar demand
SMC | Published: 04 Jul, 2017  | Source : IndiaNotes.com

Market Stance

 

Indian rupee extended is losing streak and closed the week in negative territory amid sustained dollar demand from importers and weak domestic equities. Local equities remained under pressure tracking weak global cues and ahead of GST rollout. The rupee tested its one month low as against the greenback. However, weak dollar overseas somewhat hold up the local unit and limit sharp losses. The overseas dollar anguished near a nine-month low against a basket of currencies bogged down by growing expectations of more hawkish monetary policies in Europe and Canada and doubts about another US interest rate increase this year. The euro has risen rapidly following Tuesday's speech by European Central Bank President Mario Draghi that convinced markets the ECB was preparing to start reducing its aggressive monetary stimulus later this year.


Technical Recommendation


USD/INR

 

USD/INR (JULY) contract closed at 64.85 on 29thJune'17. The contract made its high of 64.87 on 29th June'17 and a low of 64.42 on 27th June'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 64.58.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 58.78. One can sell below 64.75 for the target of 64.20 with the stop loss of 65.05.


GBP/INR


GBP/INR (JULY) contract closed at 84.04 on 29thJune'17. The contract made its high of 84.24 on 29th June'17 and a low of 82.02 on 27thJune'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 82.64.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 64.93. One can buy around 84.00 for a target of 85.10 with the stop loss of 83.50.


EUR/INR

 

EUR/INR (JULY) contract closed at 74.01 on 29th June'17. The contract made its high of 74.10 on 29th June'17 and a low of 72.14 on 27th June'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 72.61.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 74.08. One can buy around 73.50 for a target of 74.60 with the stop loss of 72.90.


JPY/INR


JPY/INR (JULY) contract closed at 57.62 on 29th June'17. The contract made its high of 57.77 on 27th June'17 and a low of 57.47 on 28th June'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 58.01.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 42.97. One can buy around 57.90 for a target of 58.90 with the stop loss of 57.40.

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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.