Contact Us | Log In
Search
Sensex: 33561.6 +83.20 Gold: Rs.29424.00
Nifty: 10342.3 +15.40 Silver: Rs.39355.00
Currency Update: The dollar has been declining against major currencies since April - IndiaNotes.com
Currency Update: The dollar has been declining against major currencies since April
SMC | Published: 11 Sep, 2017  | Source : IndiaNotes.com

Market Stance

 

Indian rupee began the week with negative note tracking weak domestic equities and weaker than expected GDP data from global front. However, during later part of the week, all the losses witnessed were seen pared and local unit managed to end the week in green as against the dollar taking cues from continuous weakness in American currency against the major rivals. The dollar has been declining against major currencies since April this year due to a variety of factors including weakness in economic data and President Donald Trump's failure to push through major tax and spending reforms. Moreover, Asian currencies also remained firm and rose against the dollar as investors saw the resignation of US Federal Reserve Vice Chair Stanley Fischer as a sign that it will be even more cautious about raising interest rates again.


Technical Recommendation


USD/INR

 

USD/INR (SEP) contract closed at 64.15 on 07th September'17. The contract made its high of 64.40 on 06th September'17 and a low of 64.08 on 04th September'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 64.16.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 48.28. One can sell below 63.95 for the target of 63.45 with the stop loss of 64.20.


GBP/INR


GBP/INR (SEP) contract closed at 84.01 on 07th September'17. The contract made its high of 84.04 on 07th September'17 and a low of 83.09 on 05thSeptember'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 83.23.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 60.77. One can buy around 84.00 for a target of 85.15 with the stop loss of 83.40.


EUR/INR

 

EUR/INR (SEP) contract closed at 76.89 on 07th September'17. The contract made its high of 76.93 on 07th September'17 and a low of 76.26 on 04th September'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 76.28.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 66.34.One can buy around 77.00 for a target of 78.00 with the stop loss of 76.50.


JPY/INR


JPY/INR (SEP) contract closed at 58.94 on 07thSeptember'17. The contract made its high of 59.30 on 06thSeptember'17 and a low of 58.68 on 04thSeptember'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 58.61.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 58.04. One can buy around 59.20 for a target of 60.25 with the stop loss of 58.65.

  Read full report Click here to read the full report


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.


For more information please write in to editor@indianotes.com

 
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.