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Last Updated : Aug 30, 2016 10:38 AM IST | Source: Moneycontrol.com

Buy EURINR Strategy 67.31 - 67.35; target of 67.54: Karvy

Karvy has come out with its report on currencies. According to the research firm, one can Buy EURINR Strategy 67.31 - 67.35; for the target of 67.54 with a stop loss of 67.22.


Karvy's research report on Currencies

Currencies

USDINR

US dollar index is trading at 95 . 69 , remaining supported after a brief decline in yesterday’s session . There was no major economic data reported yesterday but the comments from key FED members at Jackson Hole led to a sharp rise in odds favouring a rate hike . All focus would be on the Friday non - farm payrolls data and we can expect range bound movement till that day, with a continued bias for dollar appreciation.

EURINR

Euro is trading at 1.1173 , continuing to depreciate against the US dollar in the aftermath of Yellen and Fisher speech . No major economic events were reported yesterday and EU business climate and consumer confidence data is set to be reported and likely to have a muted effect on Euro . With the rate hikes in US expected to be actioned this year, we can expect continued selling in the shared currency and every rise would be an opportunity to sell.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Aug 30, 2016 10:38 am
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