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Published on 23/01/2020 11:34:27 AM | Source: Kedia Commodity Ltd

Technical Currency Outlook 23 January 2020 - USD Kedia Commodity

Posted in Currency Report| #Kedia Commodity Ltd #Market Outlook

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USDINR Update

USDINR settled unchanged at 71.26 remains under pressure due to the outbreak of coronavirus and Chinese efforts to tame the same. The rupee was under pressure after the report from the International Monetary Fund (IMF) on Monday which had lowered India’s GDP growth to 4.8% for the fiscal year 2019. As a result the INR weakened every day this week on the back of low-risk appetite. In terms of scheduled risk events, currency traders are left with restraint economic data that can drive risk trends. In other news, the US – France trade war de-escalation has failed to improve the risk appetite. The US President Donald Trump and French President Emmanuel Macron agreed to hold off on the new tariff increase in French goods ($2.4 billion worth of products). Elsewhere, foreign institutional investors (FIIS) were net sellers of shares in the local equity market worth Rs -50.08 crore; according to the National Stock Exchange of India data published at the end of Monday’s trading session. At the same time, Domestic Institutional Investors (DIIs) were net sellers of equities worth Rs -307.81 crore. Technically market is under fresh selling as market has witnessed gain in open interest by 1.38% to settled at 1807788 while prices down -0.01 rupees, now USDINR is getting support at 71.18 and below same could see a test of 71.10 levels, and resistance is now likely to be seen at 71.30, a move above could see prices testing 71.35.

BUY USDINR JAN 2020 @ 71.20 SL 71.10 TGT 71.32-71.42. NSE

 

Today's View & Outlook​​​​​​​

USDINR settled unchanged at 71.26 remains under pressure due to the outbreak of coronavirus and Chinese efforts to tame the same. The rupee was under pressure after the report from the International Monetary Fund (IMF) which had lowered India’s GDP growth to 4.8% for the fiscal year 2019. As a result, the INR weakened every day this week on the back of low-risk appetite. In terms of scheduled risk events, currency traders are left with restraint economic data that can drive risk trends. Technically market is under fresh selling as market has witnessed gain in open interest by 1.38% to settled at 1807788 while prices down -0.01 rupees, now USDINR is getting support at 71.18 and below same could see a test of 71.10 levels, and resistance is now likely to be seen at 71.30, a move above could see prices testing 71.35.

 

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