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Currency Update: Rupee witnessed smart gains as against the dollar in the week gone by - IndiaNotes.com
Currency Update: Rupee witnessed smart gains as against the dollar in the week gone by
SMC | Published: 17 Jul, 2017  | Source : IndiaNotes.com

Market Stance

 

Rupee witnessed smart gains as against the dollar in the week gone by tracking positive global cues and robust stock market. Heavy unwinding of dollars by currency speculators and banks in the midst of abundant capitals inflows predominantly supported the up move. Additionally the cues also came from firm Asian currency market as expectations that the US Federal Reserve will not tighten its monetary policy until the December meetings have largely helped emerging market currencies like rupee to gain. Yellen said last week that the US economy is healthy enough for the Fed to raise rates, though low inflation and a low neutral rate may leave the central bank with diminished leeway. Meanwhile, stretching in the glow of nonstop record breaking journey, the NSE Nifty index- went past the impressive 9875-mark for the first time ever with few points shy of 9,900. In worldwide trade, the greenback remained under pressure amid uncertainty over the path of US monetary policy after the Federal Reserve lowered its interest rate projections.


Technical Recommendation


USD/INR

 

USD/INR (JULY) contract closed at 64.54 on 13th July'17. The contract made its high of 64.74 on 11th July'17 and a low of 64.46 on 13th July'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 64.72.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 44.65. One can sell below 64.50 for the target of 64.00 with the stop loss of 64.75.


GBP/INR


GBP/INR (JULY) contract closed at 83.44 on 13thJuly'17. The contract made its high of 83.64 on 11th July'17 and a low of 82.92 on 12thJuly'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 83.42.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 52.51. One can buy above 83.80 for a target of 84.60 with the stop loss of 83.40.


EUR/INR

 

EUR/INR (JULY) contract closed at 73.56 on 13th July'17. The contract made its high of 74.34 on 12th July'17 and a low of 73.50 on 13th July'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 73.55.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 56.94. One can sell below 73.50 for a target of 72.80 with the stop loss of 73.85.


JPY/INR


JPY/INR (JULY) contract closed at 57.16 on 13th July'17. The contract made its high of 57.20 on 13th July'17 and a low of 56.53 on 11thJuly'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 57.34.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 42.49. One can sell below 56.95 for a target of 56.30 with the stop loss of 57.30.

 

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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.