Oct 19, 2016 10:25 AM IST IST | Source: Moneycontrol.com
Buy USDINR Strategy 66.66 - 66.69; target of 66.95: Karvy
Karvy has come out with its report on currencies. According to the research firm, one can Buy USDINR Strategy 66.66 - 66.69; for the target of 66.95 with a stop loss of 66.54.
US dollar index is trading at 97.82 , consolidating against the majors after a marginally weaker inflation and retail sales report was released yesterday . Dollar remained in a consolidation mode with pound being the only currency that appreciated considerably . Housing data and US beige book are the key data releases to be watched out today . We expect dollar to remain supported at current levels and remain bullish for the near to long term.
Euro is trading at 1 . 0989 , sticking close to the 1.10 mark with a test of 1.0960 in the US session . There was no major economic news that was reported yesterday from the euro zone and the US dollar consolidation was the only trigger . No data to be reported from the EU today and the pair is likely to hover near the 1.10 mark for the day.
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