Published on 20/03/2017 10:18:17 AM | Source: LKP Securities Ltd
JPYINR traded witnessed flat opening trade positive - LKP Sec
* USDINR traded mixed with weaker international pair after Fed rate hike. Prices witnessed correction later of the day ended marginal positive at 65.57.
* 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 65.30/64.80.
* EURINR traded lower witnessing gap up opening. The pair ended lower witnessing pressure from global cues and manages to close at 70.49 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 70.90/71.10.
* GBPINR traded steady after witnessing gap up opening ended at 81.10 for the day with narrow trading range.
* The pound hit a two-week high against the dollar on Friday, drawing confidence from signs that some at the Bank of England may be leaning toward a rise in interest rates to support the currency.
* GBPINR has important resistance at 81.4/81.90. We expect prices to trade sideways to down with support at 80.60/79.90.
* JPYINR traded witnessed flat opening trade positive for the witnessing recovery from lower level ended at 57.98
* 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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