Published on 21/03/2017 10:47:10 AM | Source:  LKP Securities Ltd

We expect GBPINR prices to trade sideways to up with support at 80.60/79.90 - LKP Sec

Posted in Currency Report | #Currency Tips #LKP Securities Ltd


USDINR

News & Analysis

* USDINR traded lower with weaker international pair after Fed rate hike. Prices witnessed gap down opening ended at 65.4350 for the day.

* The dollar fell for the fourth day running against the basket of currencies as reaction to a G20 summit dominated by the Trump administration's protectionist bent extended last week's sales.

* The dollar index .DXY fell by as much as 0.3 percent in Asian and early European trading before recovering some ground to stand just 0.1 percent weaker on the day at 100.19

* USDINR has immediate resistance at 65.90/66.20. Important support lies at 65.30/64.80. 

 

EURINR

News & Analysis

* EURINR traded lower witnessing flat opening. The pair ended lower witnessing pressure from global cues and manages to close at 70.41 for the day.

* At international pair, The euro climbed 0.2 percent to $1.0763, riding investor relief over the Netherlands election defeat of anti-European Union candidate Geert Wilders that boosted it to a near-six-week peak on Friday.

* We expect prices to trade sideways to lower eyeing support at 69.90/69.67 while important resistance lies at 70.90/71.10.

 

GBPINR

News & Analysis

* GBPINR traded firm after witnessing flat opening ended at 81.26 for the day with narrow trading range.

* The pound rose to a three-week high against the dollar on Monday, sales of the dollar after the G20 gave in to U.S. pressure and omitted a reference to protectionism pushing the greenback lower for a fourth day running. The pound rose around 0.3 percent in early London trade to $1.2436, its highest level since Feb. 28.

*GBPINR has important resistance at 81.4/81.90. We expect prices to trade sideways to up with support at 80.60/79.90.

 

JPYINR

News & Analysis

* JPYINR traded witnessed minor selling with trading range of 58 -58.25. Prices ended lower at 58.03 for the day.

* The dollar hit a one-week low against the yen after US FED rate hike losses against yen at 112.74.

* JPYINR has important resistance at 58.27/58.40. We expect JPYINR to witness short recovery with support at 57.20.

 

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