Karvy has come out with its report on currencies. According to the research firm, one can Buy USDINR Strategy 66.81 - 66.78; for the target of 66.95 with a stop loss of 66.68.
US dollar index is trading at 97. 67 , depreciating against the majors after weaker than expected manufacturing and industrial production data was reported yesterday . Comments from FED vice chair person Fischer were mildly hawkish but failed to support the dollar . US reports its inflation data today and this data is unlikely to be market moving . We expect a slow day of trading with the chances of US dollar regaining some ground.
Euro is trading at 1.1018 , rebounding from lower levels as the US dollar retreated . Economic data reported yesterday was in line with expectations with the inflation for the month of September being reported at 0 . 4 % . Focus would be on the European monetary policy meeting on Thursday and we can expect the Eurusd pair to hover near the 1 . 10 mark going into the event.
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