Moneycontrol
Dec 01, 2016 12:19 PM IST IST | Source: Moneycontrol.com

Sell EURINR; Entry at 73.07-73.14; target of 72.70: Karvy

Karvy has come out with its currency report. According to the research firm, one can Sell EURINR Entry at 73.07-73.14; for the target of 72.70 with a stop loss of 73.23.



Karvy's research report on Currencies

USDINR


US dollar index is trading at 101. 52, appreciating against all the majors after positive economic data was reported yesterday. Production cut in crude added to the inflation expectations for the US economy and this has helped the dollar surge higher. FED beige book released yesterday has also supported the case of a stronger US dollar. Manufacturing PMI is due to be reported today and the non - farm payrolls tomorrow. We expect the dollar to remain bid in today’s session.


EURINR


Euro is trading at 1.06, losing some steam from the rally that was seen yesterday. German retail sales and consumer spending recorded an impressive rebound, helping the euro rally in the European session but the gains were quickly off as the dollar rally began after the OPEC announcement . ECB chair Draghi continued to say that the economy was improving at a gradual pace. German and Manufacturing PMI data would be in focus today.


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