Sell USDINR below 61.37; target of 61.00: Way2Wealth

Way2Wealth's report on currencies

USDINR (61.50)

The pair lost another 0.37% on Friday but month end dollar demand kept the pair from falling further. As a result USDINR closed at 61.50 mark.

At this juncture the pair is approaching the crucial swing low of 61.10 which might act as a support in the coming week. In addition, the swing low of 61.10 is just below the 78.6% retracement level of the rally from 60.40 to 64.15. Hence, in the coming session despite the negative trend the pair might take a breather above 61 mark.

GBPINR (92.15)

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As mentioned in our previous report, GBPINR reacted to the ECB’s news and tumbled more than 1.5% to close near day’s low near 92.00 mark.

Now tracking the global and domestic cues, we continue to remain bearish on the pair. Even technically there are no signs of any recovery in the pair. Hence, in case of further fall 92.00 to 91.20 levels could be the next target. On the contrary, in case of any bounce from the current level, 93.00 mark should act as a supply zone in the coming sessions.

EURINR (69.08)

Exactly in line with our view EURINR collapsed on Friday after ECB’s announcement of stimulus package. As a result the pair lost almost 3.75% to close near 69 mark.

The recent fall was just an impact of ECB’s meet and the pair is yet to encounter the outcome from Greece’s elections. Any unfavorable news from the election could lead to further fall in the pair which can be horrifying and drag EURINR towards 67.00 mark. However, in case of any positive implementation a sharp uptick cannot be ruled out.

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