The Indian rupee strengthened on Tuesday, helped by the dollar's weakness overseas
USDINR CMP: 46.50
The Indian rupee strengthened on Tuesday, helped by the dollar's weakness overseas, but demand for the U.S. currency by crude refiners to pay for imports checked the rise. The partially convertible rupee ended at 46.11/12 per dollar, about 0.4 percent stronger than Friday's close of 46.29/30. It touched an intraday low of 46.20, after having hit the day's high of 45.94 in early trade.
Recommendation
Sell in the range of 46.80-46.90 stop loss above 47.10 Target 46.00-45.80
USDJPY CMP: 90.70
The Yen recorded some mixed results vs. its major currency pairs. The Japanese Yen rose by nearly 20 pips to the 90.69 level against the USD. The JPY seems to be losing out, due to being on the backburner of global economic news. Moreover, Japan's new government has been unclear on which direction it wants to take the Yen. This is as mid-week trading approaches, and global investors seek to find more clues about the future direction of Japanese monetary policy.
Recommendation
Sell in the range of 91.10-91.30 stop loss above 91.60 Target 90.30-90.00
EURUSD CMP: 1.4920
The dollar bounced back from a 14-month low against a basket of currencies in volatile trading on Tuesday as policymakers in Europe and Asia commented on the greenback's decline and options-related buying kept it from pushing though key levels. Concern about U.S. currency weakness prompted the Bank of Canada to leave interest rates at record lows, driving the U.S. dollar up more than 2 percent against its Canadian counterpart.
Recommendation
Sell in the range of 1.4950-1.4970 stop loss above 1.5030 Target 1.4850-1.4800
GBPUSD CMP: 1.6380
Sterling hit a one-month high against a broadly weaker dollar on Tuesday, extending gains following bad but better-than-forecast UK public finances data. The pound also rose to a near four-week high versus the euro, lifted by the view that the UK currency's across-the-board falls in recent weeks may have been overdone. U.S. dollar selling intensified after Tuesday's weaker-than-expected U.S. housing and producer price data added weight to the view that the Federal Reserve would leave interest rates at very low levels for some time.
Recommendation
Sell in the range of 1.6400-1.6420 stop loss above 1.6480 Target 1.6310-1.6250
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