Sell USDINR target of 65.20: Karvy
Karvy has come out with its currency report. According to the research firm, one can enter USDINR at 65.55 - 65.60; and Sell with a target of 65.20 with a stop loss of 65.70.
Karvy's currency report on USDINR
US dollar index is trading at 100.41. US dollar has reversed from the levels of 101.42 after Fed has raised interest rates for the first time this year by 25 basis points. Fed chair Janet Yellen failed to deliver hawkish comments in yesterdays policy meeting, where the investor were expecting Fed to sound hawkish and give indications for 4 hikes this year despite Fed’s dot plot of 3 hikes. With a March rate hike already priced in we have seen profit booking coming in US dollar and fell to a month’s low of 100.25. Today markets would be focusing on Initial jobless claims, Philadelphia Fed Manufacturing Index and JOLTs Job Opening data.
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