Forex Market News

Expect USD-INR to Trade In 66.75-67/USD Range

With upcoming US elections, Fed rate hike on November 2 looks unlikely. However, dollar continues to strengthen on the back of expectations of Fed rate hike in December. The Rupee has been resilient in a range on the back of exporter selling.
We expect the USD-INR to trade in a range of 66.75-67 for the day.” He further said, “Higher US Treasury is leading to hardening of yields in local G-sec market. We expect the 10-year benchmark yield to trade in the range of 6.75-6.79 percent for the day.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ – 0731-6626222 | Toll Free – 1800-3010-2007
Give a Missed Call for Free Trial – 09699997717
Standard
Forex Market News

Buy US$INR November Fut; Target Of 67.30 / 67.50

US dollar index is trading at 98.72 , continuing to remain supported at near term highs after a brief fall yesterday . Lower than expected consumer confidence numbers dented the US dollars strength but speeches from ECB chairman Draghi and BOE governor Carney led to volatility in the FX space and helped the US dollar recover . With a higher probability of a rate hike in December, expect the US dollar to continue appreciating.
The rupee rose slightly against the dollar in thin trade, posting a second session of gain, as a pullback in domestic equities supported a recovery in intra-day losses in the rupee • The dollar index ended mildly lower at 98.72 on the back of profit booking from the recent surge against major currencies. Rising December interest rate hike probability and upcoming US presidential elections are key events for further moves in the.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ – 0731-6626222 | Toll Free – 1800-3010-2007
Give a Missed Call for Free Trial – 09699997717
Standard
Forex Market News

EURINR

Euro is trading at 1.0888 , bouncing off the lows near the 1.0850 levels . Economic data was better than expected and helped the euro stabilize in the European session . Draghi has said that the current level of stimulus is working and failed to hint about additional stimulus.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ – 0731-6626222 | Toll Free – 1800-3010-2007
Give a Missed Call for Free Trial – 09699997717
Standard
Forex Market News

Rupee Opens Marginally Higher At 66.80 Per Dollar

The Indian rupee opened marginally higher at 66.80 per dollar on Wednesday versus 66.82 Tuesday. NS Venkatesh of Lakshmi Vilas Bank said, “The rupee fell against the dollar in afternoon trade and closed at 66.89/dollar. Month-end demand for dollar will weigh in on the rupee but exporters’ dollar sales are likely to support the same.
The rupee will take cues from equity markets and trade between 66.65-67.10/dollar,” he added. The dollar hit its highest level in nearly eight months against the euro and a roughly three-month high against the yen on growing expectations that the Federal Reserve would raise interest rates in December, while the offshore yuan hit a record low. Traders now see 78 percent chance that the Fed would raise rates in December, according to data from CME group’s Fedwatch program.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ – 0731-6626222 | Toll Free – 1800-3010-2007
Give a Missed Call for Free Trial – 09699997717
Standard
Forex Market News

Rupee Opens Lower At 66.93 Per Dollar

The Indian rupee opened lower by 8 paise at 66.93 per dollar on Tuesday versus previous close 66.85. Ashutosh Raina of HDFC Bank said, “The dollar index touched 9-month high of 98.85, with dollar continuing to rise against basket of major currencies on expectations of Fed hiking rates in December, with probability of December hike rising to almost 80 percent.
The USD-INR pair continues to trade weak close to 67/dollar levels. We expect the pair to trade weak on the back of strong dollar and also the FCNR redemptions.” The US dollar hovered near a roughly nine-month high against a basket of major currencies and touched a one-week high against the yen on growing expectations of a Federal Reserve interest rate increase in December.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ – 0731-6626222 | Toll Free – 1800-3010-2007
Give a Missed Call for Free Trial – 09699997717
Standard
Forex Market News

Offshore Yuan Hits Record Low, Dollar Near 9-Month Highs

China’s yuan hit its lowest since offshore trading was introduced in 2010 on Tuesday as the dollar remained strong across the board, trading near a nine-month high on expectations for a US interest rate hike by year-end.

The Chinese currency’s fall of more than 1.5 per cent since the end of September has prompted renewed suspicion among some in the market of a possible extended slide in the Chinese currency. It traded as weakly as 6.7882 yuan per dollar on Tuesday.
Officials, however, have reiterated their expectations for a stable currency.
The currency’s weakness has revived memories of China’s surprise devaluation last August and another rapid depreciation early this year – falls that spread turmoil in global financial markets, as investors fretted about deepening economic woes as growth slipped to a quarter-century low.
As the dollar pushes higher against the yuan, which has a large weighting in the Fed’s exchange rate, it means the Fed is going to be more likely to rein in some of its more hawkish rhetoric, because of the strong dollar, negative risk feedback loop,” he added.
The dollar was close to a nine-month high against a basket of currencies, having already risen 3.6 per cent so far this month, as solid US manufacturing activity and comments from a Federal Reserve official cemented US rate hike bets. Strong US manufacturing data boosted US bond yields and supported the dollar,” said Shinichiro Kadota, senior strategist at Barclays Securities in Tokyo.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ – 0731-6626222 | Toll Free – 1800-3010-2007
Give a Missed Call for Free Trial – 09699997717
Standard
Forex Market News

China’s Yuan Firms Slightly, But Still Near 6-Year Lows

China’s yuan firmed slightly against the dollar on the Tuesday but remained near six-year lows amid a broadly positive tone for the US currency. The yuan’s fall of more than 1.5 per cent since the end of September has prompted renewed suspicion among some in the market of a possible extended slide in the Chinese currency.
Officials, however, have reiterated their expectations for a stable currency. Yi Gang, deputy governor of the People’s Bank of China, said in a newspaper commentary published on Tuesday there was no basis for the yuan’s continuous depreciation and the exchange rate would remain broadly stable.
The People’s Bank of China set the midpoint rate at 6.7744 per dollar prior to market open, weaker than the previous fix 6.7690. The spot market opened at 6.7787 per dollar and was changing hands at 6.7762 at midday, 13 pips firmer than the previous late session close and 0.03 per cent weaker than the midpoint.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ – 0731-6626222 | Toll Free – 1800-3010-2007
Give a Missed Call for Free Trial – 09699997717
Standard