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Currency Update: Indian rupee once again witnessed range bound moves on the domestic bourses - IndiaNotes.com
Currency Update: Indian rupee once again witnessed range bound moves on the domestic bourses
SMC | Published: 17 May, 2017  | Source : IndiaNotes.com

Market Stance


Indian rupee once again witnessed range bound moves on the domestic bourses and settled almost unchanged as against the dollar. Local unit started the week on a fragile note and tested three week low against the dollar amid frantic demand for the American unit from importers on mounting expectations that the Federal Reserve would raise interest rates next month. However, in later part, once again, outlook was seen turned positive for rupee as domestic equities surged towards record highs on local bourses. The overall forex market sentiment was high on expectation of good monsoon reviving rural demand, soft interest rates and strong lending growth. The Indian Meteorological Department (IMD) said monsoon rainfall will be higher than earlier forecast, which would give a booster dose to the rural economy.


Technical Recommendation


USD/INR

 

USD/INR (MAY) contract closed at 64.80 on 09th May'17. The contract made its high of 64.86 on 09th May'17 and a low of 64.36 on 08th May'17 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 64.54.


On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 44.16. One can sell below 64.35 for the target of 63.65 with the stop loss of 64.70.


GBP/INR


GBP/INR (MAY) contract closed at 83.18 on 11th May'17. The contract made its high of 83.88 on 09th May'17 and a low of 83.09 on 11th May'17 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 83.00.


On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 56.23. One can sell below 82.80 for a target of 82.00 with the stop loss of 83.20


EUR/INR

 

EUR/INR (MAY) contract closed at 70.18 on 11th May'17. The contract made its high of 70.86 on 08th May'17 and a low of 70.18 on 11th May'17 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 70.24.


On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 51.20. One can sell below 70.05 for a target of 69.30 with the stop loss of 70.40.


JPY/INR


JPY/INR (MAY) contract closed at 56.60 on 11th May'17. The contract made its high of 57.38 on 08thMay'17 and a low of 56.53 on 11th May'17 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 57.64.


On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 32.10. One can buy above 57.00 for a target of 58.00 with the stop loss of 56.50.

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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.