Karvy has come out with its currency report. According to the research firm, one can enter USDINR at 65.56 - 65.62; and sell with a target of 65.35 with a stop loss of 65.72.
Karvy's currency report on USDINR
US dollar index is trading at 100. 07, trading near to one month low. Less than expected hawkish comments FOMC announcement weighed on US dollar and to weaken against basket of currencies. Incoming U. S. data was better than expected, as housing starts and the Philly Fed index beat forecasts, while jobless claims were in - line with expectations. Expectations for a June hike also increased slightly to 53. 5 %. Clearly investors don’t want to give up on the long dollar trade but it will be some time before there’s enough data to convince the Fed to move in June instead of September. US Industrial Production number would on focus but might not have major impact.
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