Rupee (US dollar-Indian Rupee) inter-bank/spot weekly view

By: Admin
2 weeks ago
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Insignia Consultants

New Delhi

Monday, July 19, 2021

TIME 2:23 PM IST                                         

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Rupee (US dollar-Indian Rupee) inter-bank/spot weekly view: (current price 74.9050)

Rupee reached two and half month high of 74.8600 today against the US dollar. Concerns over renewed rise of covid in India and globally and rise in the US dollar index are reason.

What the technical say for Usd/inr near term future.

VIEW

  • April 2021 high of 75.5700 is the key long term resistance.
  • Immediate resistance is between 74.9025-75.0350.
  • Only a break of 74.9025-75.0350 will trigger a test of April high of 75.5700 and 76.3800.
  • Seven day View Right now trend is up as long as 74.6150 holds with 75.0350 and 75.3625 as price target.
  • Two weeks View: Rupee will keep on trying to rise to 75.3625, 75.8875 and 76.3800 as long as it trades over 74.3000-74.4000 zone.
  • Verdict: Only a plunge in global stock markets or a very sharp rise in US bond yields will result in a sustained rise to 75.5700 and 76.3800. In my view the current weakness of usd/inr is just temporary but can last for a week or a two weeks. There will short covering if there is a break of 75.0350 anytime before Friday.

The more the rise or weakness for usd/inr there more will be hedging demand. Exporters will be looking forward to cancellation and forward booking opportunities but this will happen only if rupee continues weaknesss till Thursday (22nd July).

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NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED

APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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