Published on 15/03/2017 9:57:16 AM | Source: LKP Securities Ltd

 EURINR traded lower witnessing resistance at 70.90 - LKP Sec

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


USDINR

News & Analysis

* USDINR opened lower pressured by improved Indian economic outlook and recent UP election results. The pair fell sharply below 66 witnessing support at 65.90.

* The dollar index rose on Tuesday, bolstered by an expected interest rate increase by the U.S. Federal Reserve this week and helped by political risks in Europe amid Dutch and French elections that have pressured European currencies.

* USDINR has immediate resistance at 66.70. Important support lies at 65.90; sustainable trade below 65.90 may drag prices towards 64.80.

 

EURINR

News & Analysis

* EURINR traded lower witnessing resistance at 70.90 pressured by global cures. Prices breached intermediate support at 70.50, ended lower at 70.23 for the day.

* At international pair, political risks in Europe amid Dutch and French elections have pressured European currencies. hit a five-week high on Monday above $1.07 on expectations the European Central Bank is moving towards winding back its stimulus program, fell 0.2 percent to $1.0636 on caution ahead of the Dutch vote.

* We expect prices to trade lower eyeing support at 70/69.67 while important resistance lies at 70.52.

 

GBPINR

News & Analysis

* GBPINR continued bearish trend declined below 81 ended at 80.12 for the day.

* Sterling fell to an eight-week low against the dollar and the basket of currencies measuring its broader strength on Tuesday, hit by fears of a prolonged bout of political jousting over the terms of Britain's exit from the European Union.

* GBPINR has important resistance at 81. We expect prices to traded lower eyeing support at 79.84/79.50.

 

JPYINR

News & Analysis

* JPYINR traded lower for the fourth consecutive day after breaking important support below 58. Prices witnessed sharp fall pressured by global cues ended at 57.44.

* The dollar hit a three-week high against the yen on course for a fifth straight day of gains ahead of FOMC meeting I expectation of FED rate hike.

* JPYINR has important resistance at 58. We expect JPYINR to lower with support at 57.06.

 

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