Forex Market News

USDINR – Ways2Capital

USDINR traded steady near 64.50 witnessing range bound movement on mix market factors. Prices ended positive at 64.57 in yesterday’s trade supported by stronger dollar index.
The greenback has edged higher since the Fed raised interest rates last Wednesday and announced it would begin cutting its holdings of bonds and other securities later this year, while indicating that a recent softening in inflation was seen as transitory.
Prices are expected to trade sideways to down on global cues with Support 64.40/64.30, resistance 64.70/64.90.
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JPYINR Trading Range For The Day Is 57.74-58.02

JPYINR trading range for the day is 57.74-58.02. JPY dropped as dollar gained after an influential Federal Reserve official said U.S. inflation should rise alongside wages.
Japan Fin Min Aso: New Japan post bank lending may help domestic regions. BoJ’s Kuroda: Japan economy to keep expanding above potential through FY2018, it is taking a long time to change deflationary mindset.
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GBPINR – Ways2Capital

GBPINR trading range for the day is 81.37-82.6. GBP dropped after Bank of England (BoE) governor Mark Carney stated that it was not time for the British monetary authority to hike interest rates.
British households’ finance outlook worsened further in June and their financial pressures remained sharp on higher living costs, results of a survey showed. Data CFTC showed speculators took bets against the pound to the highest since early May after no party managed to win a parliamentary majority in the election.
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Euro – Ways2Capital

Euro fell as dollar gains after top Federal Reserve official stoked expectations of an additional rate hike this year. ECB published the details of its emergency lifeline for banks in a bid to increase transparency regarding the rules and procedures of the facility
Eurozone construction output recovered in April after declining in March, data from Eurostat showed.
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USDINR Trading Range For The Day Is 64.42-64.67

USDINR trading range for the day is 64.42-64.67. Rupee traded in the range as selling by nationalised banks offset the impact of likely foreign inflows into initial public offerings. Investors anticipated the minutes of the Monetary Policy Committee to show calls for rate cut in near future on easing inflation hope.
The balance of payments for January-March saw a surplus of $7.3 billion compared with a surplus of $3.3 billion a year ago, the RBI said. EURINR trading range for the day is 71.81-72.31.
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Indian Rupee Opens Flat At 64.53 Per Dollar

The Indian rupee opened flat at 64.53 per dollar on Thursday versus previous close 64.52. Mohan Shenoi of Kotak Mahindra Bank said, “Global currency markets are lacklustre despite fall in crude prices and low inflation in advanced economies. The next trigger for rupee appears to be the pace and quality of GST implementation.
We expect the USD-INR pair to trade in a range of 64.40-64.70/dollar for the day. The minutes of the MPC June policy meeting has raised expectations of monetary easing in subsequent policy reviews. The G-Sec market is expected to be volatile today on profit booking.
We expect the 10-year benchmark bond yield to trade in a range of 6.40-6.47 percent for the day,” he added.The dollar edged lower against basket of rival currencies and is trading on the backfoot versus the yen. The greenback also eased from one-month highs on falling oil prices.
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Fed Comments Push Dollar At Session Highs – GEPl

The dollar hit a three-week high against the yen on Tuesday, after an influential Federal Reserve official said U.S. inflation should rise alongside wages, supporting expectations for the Fed to keep raising interest rates.
The dollar rose to 111.775 yen at one point, reaching its strongest level since May 26. That marked a gain of about 2.7 percent from the dollar’s near 2-month low of 108.81 yen set last Wednesday. The greenback last stood at 111.685 yen, up 0.2 percent on the day.
Dollar index rose to as high as 97.609 at one point on Tuesday, its highest level since May 30.The euro held steady at 1.1145 , having retreated from a 7- month peak of 1.1296 set on June 14. Indian rupee opened strong against dollar on Monday but soon came under pressure closing the session at around 64.47 against its previous close of 64.42. We expect the pair to trade in the range of 64.30-64.55.
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