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Today`s Currency Calls # :
USDINR Currency Futures (27 Sept 20) last traded on NSE CDS at 73.56 is expected to continue strong trend on 22 Sept 2020,
Volume on 21 Sept : 1798966
Open interest EOD 21 Sept : 1330678
Target 1 /on weaker side : Rs. 73.70
Target 2 : Rs. –
Keep stop loss/on stronger side of 73.30
Detailed Analysis & Reasoning for Today`s Expected currency movement :
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 93.561 after earlier surging from levels below 93.3.
The Japanese yen traded at 104.74 per dollar after weakening from levels below 104.4 against the greenback yesterday. The Australian dollar was at $0.7225 following yesterday’s drop from levels above $0.73.
The U.S. dollar index soared on Monday and riskier currencies fell as investors looked for safety while stock markets around the world tumbled on fears of the economic implications of rising COVID-19 cases.
The euro and the Australian dollar fell against the greenback, and equities on Wall Street followed Asian and European stock markets lower, as the threat of new pandemic-related lockdowns prompted concerns about the global recovery.
U.S. investors fretted about the ability of U.S. Congress to reach an agreement for more fiscal stimulus.
“What we’re seeing here this morning for the dollar is largely a risk-off safe haven bid,” said Erik Bregar, head of FX strategy at Exchange Bank of Canada in Toronto, adding that the trigger was in the European morning on rising fears of a new U.K. nationwide lockdown.
The greenback also managed to bounce back from a six-month low to turn flat against Japan’s yen, which last traded at 104.56 against the dollar after earlier hitting 104.00, which was its lowest point since March 12.
“If it takes out the 104 level vis-à-vis the dollar, it (yen) can really take off and then all eyes are going to be on the Bank of Japan because they wouldn’t like it one bit,” said Exchange Bank of Canada’s Bregar.
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