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USDINR Futures – Analyst recommends buy for this target on Friday; suggests sell in EURINR, GBPINR September futures
The Indian rupee strengthened on Thursday, supported by dollar inflows into the domestic stock market which touched new record highs, after US Federal Reserve`s policy meeting took a more hawkish stance than the markets expected
USD September Futures today settled negatively on the NSE. The USDINR September Futures ended at 73.7550, down by 0.23 per cent from the Wednesday closing price. The Indian Rupee gained against the US Dollar breaking a two-day streak.
The Indian rupee strengthened on Thursday, supported by dollar inflows into the domestic stock market which touched new record highs, after US Federal Reserve`s policy meeting took a more hawkish stance than the markets expected, Reuters reported.
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Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities expects strength in the USD when the markets reopen tomorrow. He said that this would aid the USDINR September futures. They are expected to trade in a range between 73.50 and 74, he said.
He recommended a buy at 73.50 with a target price of 74. He puts the stop loss at 73.20.
The Federal Reserve kept interest rates unchanged on Wednesday and signaled it would trim its monthly bond-buying program before year-end, Gupta said. The Federal Open Market Committee left its benchmark rate unchanged in the range of 0 to 0.25 per cent, he added.
EURINR (September) – EURINR was trading at 86.43 on Thursday around at the closing time, down by 0.37 per cent from the previous closing price of 87.75. It attained a high of 86.55 on the intraday basis. Gupta recommends a buy Sell at 87 with a stop loss at 87.40 and target 86.10. The support is at 86.10 while the resistance is at 87.00.
GBPINR (September) – GBPINR was trading at 101.07 on Thursday at the closing time, up by 0.24 per cent from the previous closing price of 100.82. It was also its intraday high. The support is at 100.50 while the resistance is at 101.40. He recommended a sell at 101.40. He puts the stop loss at 101.70 while the target at 100.50.
JPYINR (September) – JPYINR September Futures ended at was trading at 67.13, down by 0.42 per cent from the previous closing price of 67.41. It attained a high of 67.33 on the intraday basis.
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