USDINR CMP: 46.10
The Indian rupee was unable to hold a 13-month high on Thursday despite further losses in the dollar, and weakened back past 46 per dollar as the stock market fell from 17-month highs. The partially convertible rupee ended at 46.225/235 per dollar, off an early peak of 45.80, its highest since Sept. 24, 2008 and 0.2 percent weaker than Wednesday's close of 46.13/14. At the day's high, the rupee was up 14 percent from its record low of 52.2 touched in early March.
Recommendation
Sell in the range of 46.40-46.50 stop loss above 46.80 Target 45.80-45.50
USDJPY CMP: 90.70
The dollar rose against the yen on Thursday after U.S. weekly jobless claims came in lower than expected while consumer prices, excluding food and energy, edged up more than forecast. The U.S. Labor department reported that initial state jobless benefit claims fell to 514,000 in the latest week. Markets were expecting claims of 525,000.
Recommendation
Buy in the range of 90.50-90.30 stop loss below 90.00 Target 91.50-91.80
EURUSD CMP: 1.4930
The dollar fell to multi-month lows against the euro and commodity-based currencies as policymaker comments reinforced expectations U.S. interest rates would stay lower for longer than those of other major countries. Expectations U.S. interest rates would remain low for some time were reinforced by minutes from the latest meeting of the U.S. Federal Reserve's policy-setting committee and gave traders a green light to sell the dollar.
Recommendation
Buy in the range of 1.4870-1.4850 stop loss below 1.4780 Target 1.4960-1.5030
GBPUSD CMP: 1.6370
Sterling racked up its biggest one-day gain against a basket of currencies in nearly a year on Thursday after a UK policymaker's comments prompted speculation the Bank of England may not extend quantitative easing. The pound has come under heavy pressure in recent weeks, battered across the board on the view that UK interest rates will stay low and public finances will deteriorate further
Recommendation
Buy in the range of 1.6310-1.6290 stop loss below 1.6150 Target 1.6430-1.6580
Click here to download full report
Reliance Money Disclaimer