The Indian Rupee (INR) remained volatile last week. Rupee futures traded on the National Stock Exchange closed on a mixed note. The rupiah weakened against the US dollar (USD) and the euro (EUR). However, it strengthened well against the British pound (GBP) and the Japanese yen (JPY) last week.
March USDINR and EURINR futures on the NSE rose 0.26 and 0.42%. The USDINR contract hit a high of 77.33 on Monday, but then fell for the rest of the week as the dollar index weakened. The contract closed the week at 76.56. It has support at 76. While this holds, a rebound move towards 77 and even 77.50 is possible in the future. But a break below 76 will be very bearish to see 75 and even lower levels. As such, the price action at 76 will need to be watched closely.
EURUSD’s rebound from the 1.08 low helped EURINR rebound from the 83.38 low and closed the week at 84.41. Support is at 84. View is bullish above 84 to see the 85 and 86 levels on the upside in the coming weeks.
The JPY and GBP weakening sharply against the USD sent the JPYINR contract (65.52_ and GBPINR (100.42) down sharply last week. The contract closed down more than one percent The JPYINR contract has room to test 65 on the downside, after which a new bounce towards 66 is possible. 99.8 The contract will need to move back above 100.5 for sentiment to turn positive again.
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March 12, 2022