Free Trial

INR is one of the strongest EMFX currencies...>

INDIA: INR is one of the strongest EMFX currencies so far Wednesday and heads
into the close at the best levels of the session vs. the USD. This puts INR
bulls on course to challenge the early June lows in USD/INR at 69.0387 before
mounting any challenge on the 68.35 printed back in mid-March. INR strength
mirrored the moves in Indian equities, helping push the NIFTY50 higher in its
second session of gains.
-USD/INR support sits at 68.8657, the 76.4% Fib retracement of the
68.3500-70.5350 move, with resistance sitting above at the 69.6511 50-DMA.
-Data and newsflow was light during the Wednesday session, although some
attention was paid to reports in the Economic Times stating the government are
considering steps to boost the housing sector in the upcoming budget to spur
economic growth and create more jobs.
-USD/INR options volumes sit behind average despite the move higher in INR spot,
with USD/INR call options favoured. Call strikes at 69.75 and 69.77 have drawn
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.