Forex Market News

Rupee Is Likely To Depreciate

The American currency traded lower by 0.5 percent in yesterday’s trading session owing to the disappointing release of pending home sales and personal spending data from the nation. M oreover, recent strength in the currency prompted the traders to book profits.
Robust release of GDP data and consumer confidence data from the nation calmed the markets and prompted the traders’ to place risky assets thereby denting the demand for safe haven DX. Furthermore, investors believe that given the latest event that has caused jitters and uncertainty in the markets, the US Feds ambitions for two rate rises this year may be placed on hold.
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Forex Market News

Buy USDINR Above 67.88; Target Of 68.38

Pair failed to maintain the bullish momentum in the past session and ended with a loss of 0.42% with a beari sh candle. Prices tested the previous swing high of 67.86 and ended around the same. Daily MACD is sustaining wel l above the signal line.

In the currency futures market, the most traded dollar-rupee July contract on the NSE ended at 68.00 Th e July contract open interest was down 2.11% from the previous day. August contract open interest wa s up 2.54% from the previous day.We expect the US dollar to meet supply pressure on rallies against the rupee.
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Rupee Opens At 67.55 Per Dollar; Up 13 Paise

Silver futures closed higher in the domestic market on Wednesday tracking a firm trend in precious metals overseas. Market analysts said speculative position created by participants, driven by a firm global trend as the likelihood of an interest rate increase in the US faded following Britain’s vote to quit the European Union, boosted the domestic sentiment.
At the MCX, Silver futures for July 2016 contract closed at Rs 43,251, per 10 gram, up by 2.14 per cent after opening at Rs 42,599, against the previous closing price of Rs 42,346. It touched the intra-day high of Rs 43,409.
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Silver Rises On Firm Global Cues

Silver futures closed higher in the domestic market on Wednesday tracking a firm trend in precious metals overseas. Market analysts said speculative position created by participants, driven by a firm global trend as the likelihood of an interest rate increase in the US faded following Britain’s vote to quit the European Union, boosted the domestic sentiment.
At the MCX, Silver futures for July 2016 contract closed at Rs 43,251, per 10 gram, up by 2.14 per cent after opening at Rs 42,599, against the previous closing price of Rs 42,346. It touched the intra-day high of Rs 43,409.
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or mail us here: info@ways2capital.com
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Give a Missed Call for Free Trial – 09699997717
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Crude Oil Rises As Crude Supplies Decline

Crude oil futures closed higher in the domestic market on Wednesday after U.S. government data revealed a sixth straight weekly decline in domestic crude supplies. Marketmen said the rise in crude oil futures was largely in tune with firm trend in Asian trade where it extended gains, tracking recovery in equity markets as leaders look to temper fears over the effects of Britain’s decision to exit the European Union.
At the MCX, Crude oil futures for July 2016 contract closed at Rs. 3,347 per barrel, up by 3.75 per cent, after opening at Rs. 3,240, against the previous closing price of Rs. 3,226. It touched the intra-day high of Rs. 3,349.
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GBPINR

Pair traded inside the previous stick and ended with a minor positive gain but below the flat support line. It ended below the support line for the second consecutive session. On the downside 89.74 is the crucial support and any slide below the same can result in a panic decline.
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Rupee Is Likely To Trade Sideways To Positive

The rupee settled almost flat against the US dollar, as gains in equities added to optimism that foreign fund inflows would continue, helping offset the impact of month-end dollar purchases by importers. The Indian currency ended the day flat at 67.95 . The dollar index against six major currencies ended at 96.02, down 0.39% from the previous close of 96.40.
In spite of the robust release of GDP data and consumer confidence data from the nation, the American currency traded lower by 0.4 percent in yester day’s trading session. The reason for this could be attributed to the recent strength in the currency that prompted the traders to book profits.
Moreover, the robust release of economic data sets from the nations calmed the markets and prompted the trader s’ to place risky assets thereby denting the demand for safe haven DX. Furthermore, investors believe that given the latest event that has caused jitters and uncertainty in the markets, the US Feds ambitions for two rate rises this year may be placed on hold.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ – 0731-6554125 | Toll Free – 1800-3010-2007
Give a Missed Call for Free Trial – 09699997717
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