Forex Market News

Rupee Is Likely To Trade Appreciated

The American currency traded higher by 0.5 percent yesterday owing to stronger that expected release of consumer confidenc e data from the nation. US consumer confidence to the higheest level in 11 months thereby indicat i ng the fact that economic growth c ould pick up in the second half of the year.
Moreover, Fed Chair Janet Yellen in her recent speech stated that the case for a rate increase was strengthening, but provid ed little detail on when the Fed would next move. A ll the above factors has infused expectation of a r ate hike possibility in the coming months which inturn boosted the demand for the American currency. The American currency made an intraday high of 96.13 and closed at 9 6.0 4 on Tues day.
Rupee is likely to appreciated after the RBI governor in his foreword to the central bank’s annual report for 2015 – 16 stated that t he economy’s prospects for the current financial year looked brighter than the previo us fiscal year.
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EUROINR

Euro is trading at 1.1157 , continuing to remain on its depreciating trade as the US dollar remained in demand . Recent data from the Euro area turned weak, adding to the worries of the ECB . Expect further selling with the German unemployment and EU CPI data scheduled to be reported today.
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Rupee Opens Lower At 67.08 Per Dollar

The Indian rupee opened marginally lower at 67.08 per dollar on Wednesday versus 62.02 Tuesday. Bansi Madhvani of India Ratings said, “In an environment of uncertainty over the Fed rate trajectory, rupee has held steady. We believe the renewed Fed rate hike probability may pose minor headwinds in the near term.
Rupee is likely to trade in the range of 66.70-67.20/dollar,” he added. The yen traded near its weakest level in a month versus the dollar. The dollar index held strong around the 96 mark.
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Rupee Is Likely To Trade Positive

The American currency traded on a flat note yesterday. Reason for this sideways movement in the currency could be attributed to the disappointing release of personal spending data from the nation and the hawkish comment by Fed Chairwoman in her recent speech. both these factors, which are contrary in nature, played with the dollar movement.
Fed Chair Janet Yellen, in her recent speech stated that the case for a rate increase was strengthening, but provided little detail on when the Fed would next move.The American currency made an intraday low of 95.46 and closed at 95.54 on Monday.
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Buy USDINR Abv 67.55; Target Of 67.80

US dollar index is trading at 95 . 69 , remaining supported after a brief decline in yesterday’s session . There was no major economic data reported yesterday but the comments from key FED members at Jackson Hole led to a sharp rise in odds favouring a rate hike . All focus would be on the Friday non – farm payrolls data and we can expect range bound movement till that day, with a continued bias for dollar appreciation.
USDINR pair took support at 67.31, higher and gradually moved up till the high of 67.5175. Prices almost touched the strong resistance placed at 67.54 . The pair once again ended above the indicating a probable bullish move While on lower side supports are seen at 67.18 then 66.88.
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EURINR

Euro is trading at 1.1173 , continuing to depreciate against the US dollar in the aftermath of Yellen and Fisher speech . No major economic events were reported yesterday and EU business climate and consumer confidence data is set to be reported and likely to have a muted effect on Euro . With the rate hikes in US expected to be actioned this year, we can expect continued selling in the shared currency and every rise would be an opportunity to sell.
EURINR pair opened lower with gap at 75.60 lower to end at 75.44. The pair the key trend line support of 74.90. take support again at its trend line and bounce bac k to its symmetrical triangle resistance. Breakdown of trend line support at 74.90 can result into 74.10.
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Rupee Opens Marginally Higher At 67.13 Per Dollar

The Indian rupee opened marginally higher at 67.13 per dollar on Tuesday versus previous close 67.17. Ashutosh Raina of HDFC Bank said, “The probability of a US rate hike this year has increased substantially, after the recent hawkish commentary from Fed Chief, Yellen and other senior Fed officials.
The USD has gained broadly against most of the major and EM currencies.” He further added, “The USD-INR pair continues to trade in a tight range. We expect the pair to continue trading in the 67-67.50/dollar range in the near term.
Market may trend higher; RBI pours cold water on rate cut hopes The dollar held steady after hitting a three-week high against the yen yesterday post Federal Reserve officials’ hawkish comments. The next major data will be Friday’s non-farm payrolls report for August.
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