Sell USDINR target of 65.36: Karvy
Karvy has come out with its currency report. According to the research firm, one can enter USDINR at 65.55 - 65.60 ; and sell with a target of 65.36 with a stop loss of 65.70.
Karvy's currency report on USDINR
Dollar index is trading at 100.11. USD against INR will be following in the footsteps of the Dollar index which has been hovering near to 100 after Chicago Fed President Evans said the central bank will wait until June to decide on the next rate hike yesterday, ahead of Fed policymaker remarks which is due on Tuesday. These dovish comments from FOMC voting member has weighted on US dollar, as the investors were looking for aggressive comments from Fed expecting 4 hikes this year against Fed’s dot plot of 3. There was no economic data reported yesterday. Today market would be focusing on comments from Fed officials Dudley and George as well as US Q4 Current Account data. Markets will also track the International transactions data that is expected to come lower than previous at -113B.
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