Insignia Consultants
New Delhi
Wednesday, 11 September
2019
TIME
9:05AM IST
----------------------------------------------------------------------------------------------------------------
NSE CURRENCY
FUTURE DAILY REPORT
Initial opening weakness in
the rupee against the US dollar is bunched up demand after a holiday. I expect
rupee to gain as the day progresses. Cable looks bullish. Euro/usd is in a
neutral zone. This is the calm in currency markets before the hurricane from
European central bank meeting tomorrow and Federal Reserve meeting next week.
There will be quarter end position squaring and rebuilding after the FOMC. I
will prefer to short the US dollar Index with a trailing stop loss over 103.30
for next month and a price target of 92.90.
Fundamentals are still
bearish for the rupee. Today and till Friday, global factors will dictate the
rupee (against the US dollar) more than domestic factors. Quarter end demand
will be the key. Importers are importing much less before festivals. Some of
the importers (who import for the Diwali festivals), in my view have reduced
purchases by over fourty percent as compared to last year. There is a fear of
very low demand and very low sales among importers, local manufacturers for
Dushera and Diwali festivals. Keep a close watch on Indian foreign currency
corporate debt demand for the rest of the month.
|
NSE CURRENCY FUTURE -- SEPTEMBER
FUTURE
|
||||
|
|
USD/INR
|
EURO/INR
|
GBP/INR
|
JPY/INR
|
|
CMP
|
71.9100
|
79.5400
|
88.8400
|
66.8625
|
|
S5
|
71.3850
|
78.8850
|
87.7350
|
65.8175
|
|
S4
|
71.5110
|
79.0422
|
88.0002
|
66.0683
|
|
S3
|
71.6475
|
79.2125
|
88.2875
|
66.3400
|
|
S2
|
71.7095
|
79.2898
|
88.4179
|
66.4633
|
|
S1
|
71.7861
|
79.3854
|
88.5792
|
66.6159
|
|
|
|
|
|
|
|
R1
|
72.0339
|
79.6946
|
89.1008
|
67.1091
|
|
R2
|
72.1106
|
79.7902
|
89.2621
|
67.2617
|
|
R3
|
72.1725
|
79.8675
|
89.3925
|
67.3850
|
|
R4
|
72.3090
|
80.0378
|
89.6798
|
67.6567
|
|
R5
|
72.4350
|
80.1950
|
89.9450
|
67.9075
|
|
|
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|
CMP= Current price market price
|
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|
ABOVE TECHNICALS ARE ONLY FOR
REFERENCE
|
||||
1. USD/INR
SEPTEMBER 2019: (a) Crash will be there
only if usd/inr falls below 71.6750. (b) Key resistance is at 72.0675. There
will be another wave of rise if rupee breaks and trade over 72.0675 after
London opens.
2. EURO/INR
SEPTEMBER 2019: (a) Euro/inr needs to
trade over 79.1450 to rise to 79.6775 and 79.9650.
3. GBP/INR
SEPTEMBER 2019: (a) Key resistance is at
88.9650. (b) Gbp/inr needs to trade over 88.9650 to rise to 89.5250 and
89.9650. (c) Key support till tomorrow is at 88.4400. Small sell off will be
there below 88.4400.
4. JPY/INR
SEPTEMBER 2019: Yen can fall to 66.5325
and 66.0050 by Monday as long as it trades below 67.1750-67.2750 zone.
Disclaimer: Any opinions as to the commentary, market
information, and future direction of prices of specific currencies, metals and
commodities reflect the views of the individual analyst, In no event shall
Insignia Consultants or its employees have any liability for any losses
incurred in connection with any decision made, action or inaction taken by any
party in reliance upon the information provided in this material; or in any
delays, inaccuracies, errors in, or omissions of Information. Nothing in this
article is, or should be construed as, investment advice. All analyses used
herein are subjective opinions of the author and should not be considered as
specific investment advice. Investors/Traders must consider all relevant risk
factors including their own personal financial situation before trading.
Websitewww.insigniaconsultants.in. Prepared by
Chintan Karnani
Disclosure: Insignia
consultants or it employees do not have any trading positions on the trading
strategies mentioned above. Our clients do have positions on the trading
strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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THE
TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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