Forex Market News

Rupee Rebounds To 64.55 Per Dollar In Opening, Gains 11 Paise

The Indian rupee rebounded to 64.55 against the US dollar after correction in previous session. It gained 11 paise compared with previous day’s closing of 64.66 a dollar.
Pramit Brahmbhatt of Veracity expects the rupee to trade neutral against the dollar.According to him, it is likely to trade in the range of 64.50-64.80 a dollar today.
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USDINR Spot Depreciated By 0.13 Percent

In the yesterday’s trading session, USDINR spot depreciated by 0.13 percent owing to persistent buying of the dollar by importers and banks amid lower opening in the domestic equity market.
Furthermore, growing tensions in the global arena concerning North Korea, Russia, Trump administration and UK elections has prompted the traders to play safe bets which dented the demand for the Indian currency. Today, USDINR spot is likely to depreciate.
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EURUSD Spot Traded Higher By 0.17 Percent

In the yesterday’s trading session, EURUSD spot traded higher by 0.17 percent while EURINR traded on a flat note owing to weak US Dollar Index after the disappointing release of consumer confidence data from the US which added to Euro’s strength.
In a recent statement, the ECB President confirmed that Euro-zone still needs ‘extraordinary amount of monetary support’ in spite of its growing economic recovery. Furthermore, former Prime Minister Matteo Renzi raised the prospect of an early election which intensified the fear in the markets that led to weak trading. Today, EURINR spot is likely to trade higher as weak DXY will work in favor of the shared currency.
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Sterling Pound Spot Traded Higher By 0.15 Percent

In the yesterday’s trading session, Sterling pound spot traded higher by 0.15 percent (GBPUSD) and 0.28 percent (GBPINR) after the opinion polls showed that the Labor party was catching up with the Tories ahead of next month’s election.
Markets in the meantime are risk-averse post Manchester bomb-blast and look for clues to make any risky investment bets. GBPINR spot is expected to trade lower today.
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USDJPY Spot Appreciated By 0.38 Percent – Ways2Capital

Yesterday, USDJPY spot appreciated by 0.38 percent while JPYINR spot rose by 0.51 percent amid global woes that include North Korean missile test, Trump’s linkage with Russia, UK’s snap elections, China’s growing debt etc which has prompted the traders to make risk-free investment bets. JPYINR spot is expected to trade lower today.
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GBPINR – Ways2Capital

BUY GBPINR FUT 83.00-83.10 TGT 83.50 SL 82.85.
Pound sterling is trading at 1.2818, rebounding from the levels of 1.2788. Cable traded weaker in most of the session yesterday after a opinion polls showed a tightened battle ahead of the June 8 snap election and investors noted the campaign to date was closer than expected. The race has tightened after Manchester bombing and a U-turn over social care plans.
A couple of weeks ago series of surveys has showed that PM May was on course for a landslide parliamentary majority in June 8 general elections which she called to strengthen her hand for Brexit talks. Bu ther Conservative Party remained on 43 percent according to a survey conducted by Survation showed their lead drop as support for Labour rose 3 perceage points to 37 percent.
 But a recent poll from British Polling Council’s President said that “Theresa May iscertainly the over whelming favourite to win but crucially we are in the territory now where how well she is going to win is uncertain”. Yesterday there were no major economic reports from UK’s economy and even today UK’s economic calendar will remain light. With getting close to the snap election on 8th of June, expect Pound to remain underpressure and head towards the levels of 1.2550 levels.
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GBPINR – Ways2Capital

BUY GBPINR FUT 83.00-83.10 TGT 83.50 SL 82.85.
Pound sterling is trading at 1.2818, rebounding from the levels of 1.2788. Cable traded weaker in most of the session yesterday after a opinion polls showed a tightened battle ahead of the June 8 snap election and investors noted the campaign to date was closer than expected. The race has tightened after Manchester bombing and a U-turn over social care plans.
A couple of weeks ago series of surveys has showed that PM May was on course for a landslide parliamentary majority in June 8 general elections which she called to strengthen her hand for Brexit talks. Bu ther Conservative Party remained on 43 percent according to a survey conducted by Survation showed their lead drop as support for Labour rose 3 perceage points to 37 percent.
 But a recent poll from British Polling Council’s President said that “Theresa May iscertainly the over whelming favourite to win but crucially we are in the territory now where how well she is going to win is uncertain”. Yesterday there were no major economic reports from UK’s economy and even today UK’s economic calendar will remain light. With getting close to the snap election on 8th of June, expect Pound to remain underpressure and head towards the levels of 1.2550 levels.
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or mail us here: info@ways2capital.com
✆ – 0731-6626222 | Toll Free – 1800-3010-2007 ✔
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