Karvy has come out with its report on currencies. According to the research firm, one can Buy USDINR Strategy 67.95 - 68.00; for the target of 68.30 with a stop loss of 67.81.
Karvy's research report on Currencies
US dollar index is trading at 101.25 , resuming the rally after FED chair Yellen reaffirmed the US economic rebound, stating that the unemployment and inflation levels are close to targeted levels. She has informed the committee that the rates should raise sooner and markets have reacted to the events with vigor to drive the dollar higher. No major data to be reported today and we can expect the dollar to continue its reign.
Euro is trading at 1.0600 , dropping another 100 points as markets sold the shared currency on the back of policy divergence between the two nations . Economic data reported yesterday was also not in line with expectations. ECB meeting minutes continued to convey the info that the central bank is ready to act if required . We expect continued weakness in the currency for the day.
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First Published on Nov 18, 2016 09:51 am