Published on 17/03/2017 10:29:59 AM | Source: LKP Securities Ltd

EURINR traded lower witnessing gap up opening -  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 recovery later of the day ended marginal positive at 65.53.

* The dollar index fell sharply after the Federal Reserve raised interest rates for the second time in three months but did not flag any plan to accelerate the pace of monetary tightening.

*The U.S. dollar sank to a month low on Thursday as investors digested the recent U.S. interest rate increase and indications there would be no pick-up in the pace of monetary tightening.

* USDINR has immediate resistance at 65.90/66.20. Important support lies at 65.50; sustainable trade below 65.50 may drag prices towards 64.80.

 

EURINR

News & Analysis

* EURINR traded lower witnessing gap up opening. However the pair recovered later and manages to close at 70.35 for the day.

*At international pair, the euro EUR= edged up against the dollar, also buoyed by the Dutch election, after a big jump on Wednesday. European stock markets gained after the Dutch election victory by Prime Minister Mark Rutte which fought off a challenge by anti-immigration, anti-European Union rival Geert Wilders.

* We expect prices to trade sideways to up eyeing support at 69.67 while important resistance lies at 70.52/70.80.

 

GBPINR

News & Analysis

• GBPINR traded steady after witnessing flat opening ended at 80.40 for the day with narrow trading range.

• Sterling and gilt yields jumped on Thursday after outgoing Bank of England policymaker Kristen Forbes unexpectedly voted for a rise in interest rates at the bank's March meeting.

• GBPINR has important resistance at 80.70/81. We expect prices to trade sideways witnessing short recovery with support at 79.80/79.54.

 

JPYINR

News & Analysis

* JPYINR traded witnessed gap up opening trade steady for the day after witnessing recovery from lower level ended positive for the day at 57.81.

* The dollar hit a one-week low against the yen after US FED rate hike losses against yen at 113.38.

* JPYINR has important resistance at 58/58.40. We expect JPYINR to witness short recovery with support at 57.20.

 

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