17 Dec 2014
INR continues to weaken before FOMC – Insignia Consultants
FXStreet (Barcelona) - Chintan Karnani of Insignia Consultants, notes that FOMC meeting will be key for the INR and other emerging market currencies, expecting the current weakness to modify upper and lower end targets for the currency in 2015.
Key Quotes
“The next one week is very crucial for the rupee against the major currencies. The current weakness in the rupee will result some in modification of next year’s upper end and lower end targets by the investment community as well as corporates. Rupee will gain if and only if there is profit taking.”
“USD/INR December 2014 (expiry on 29th December): A break of 64.15 will result in 64.36 and 65.05. Initial support is at 63.66. There will be another wave of selling if USD/INR trades below 63.66 in UK session.”
“EUR/INR December 2014 (expiry on 29th December): Key short term resistance is 80.48 and only a break of 80.48 will trigger the next wave of rise to 81.30-82.29. In case EUR/INR does not break and trade over 80.48 by tomorrow then it will fall to 77.70 and 75.70 in January.”
Key Quotes
“The next one week is very crucial for the rupee against the major currencies. The current weakness in the rupee will result some in modification of next year’s upper end and lower end targets by the investment community as well as corporates. Rupee will gain if and only if there is profit taking.”
“USD/INR December 2014 (expiry on 29th December): A break of 64.15 will result in 64.36 and 65.05. Initial support is at 63.66. There will be another wave of selling if USD/INR trades below 63.66 in UK session.”
“EUR/INR December 2014 (expiry on 29th December): Key short term resistance is 80.48 and only a break of 80.48 will trigger the next wave of rise to 81.30-82.29. In case EUR/INR does not break and trade over 80.48 by tomorrow then it will fall to 77.70 and 75.70 in January.”