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5 Jan 2015
Euro weakness weighing on INR – Insignia
FXStreet (Barcelona) - Chintan Karnani of Insignia Consultants, believes the EUR weakness to be the major catalyst for the INR weakness, further anticipating USD/INR to rise to 63.92 and then above 64 levels as long as it trades over 63.61 levels.
Key Quotes
“Euro fall against the US dollar is the cause of rupee weakness. Importers are not delaying their short term payments in light of ongoing weakness. There are lots of US and European economic data releases this week. Anything can happen. There is nothing much happening on the domestic front.”
“USD/INR January 15 (expiry on 28th January 15): It can rise to 63.92 and 64.12 as long as it trades over 63.61. There will be sellers only below 63.61 today with 63.43 as the key support.“
Key Quotes
“Euro fall against the US dollar is the cause of rupee weakness. Importers are not delaying their short term payments in light of ongoing weakness. There are lots of US and European economic data releases this week. Anything can happen. There is nothing much happening on the domestic front.”
“USD/INR January 15 (expiry on 28th January 15): It can rise to 63.92 and 64.12 as long as it trades over 63.61. There will be sellers only below 63.61 today with 63.43 as the key support.“