Moneycontrol
Nov 30, 2016 10:08 AM IST | Source: Moneycontrol.com

Sell USDINR Strategy 68.88-68.92; target of 68.70 : Karvy

Karvy has come out with its report on currencies. According to the research firm, one can Sell USDINR Strategy 68.88-68.92; for the target of 68.70 with a stop loss of 69.05



Karvy's research report on Currencies

USDINR

US dollar index is trading at 101.12, almost at the same level as the previous day.US dollar failed to latch on to the gains that were seen after a positive print of the third quarter GDP, which was reported at 3.2 % against an expectation of 3.0%.ADP non- farm payrolls and Pending home sales data would be in focus but the key driver would be the OPEC meeting outcome. We expect some more consolidation in US dollar before another leg up.

EURINR

Euro is trading at 1.0633, appreciating marginally against the US dollar in  yesterday’s trade. Failure of the US dollar to break higher helped the marginal recovery in the euro.There was no major news yesterday but today the Euro  calendar is  heavy  with  the  German  retail  sales  and  unemployment and the  European CPI data. A positive reading  coupled with the hesitant dollar can  take  the pair higher.

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