Forex Market News

Silver Flat On Weak Global Cues

Silver futures closed flat in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the rangebound silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels.
At the MCX, silver futures for December 2017 contract closed at Rs 39,743 per kg, up by 0.03 per cent, after opening at Rs 39,734, against a previous close of Rs 39,732. It touched the intra-day low of Rs 39,551.
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USDINR Spot Is Expected To Trade

USDINR spot is expected to trade in a range-bound manner as markets book their profits ahead of the holiday shortened week. Also, the finance ministry and Reserve Bank of India are scheduled to meet to decide on the borrowing calendar for second half of fiscal year 2018 which shall keep the markets in a cautious mode.
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Indian Rupee Gains 16 Paise In Opening Trade

The Indian rupee gained in the early trade on Friday. It has opened higher by 16 paise at 65.34 per dollar versus 65.50 Thursday. Bhaskar Panda of HDFC Bank said, “The rupee touched multi-month lows before closing at 65.51. I expect the pair to trade within a range of 65.35-65.60 today.”
He further added, “The Indian government borrowing calendar for H2FY18 did not throw any surprise. The 10-year benchmark bond yield will consolidate within the 6.62-6.65 percent range today.
The dollar slipped against a basket of currencies, snapping a three-day winning streak, as investors looked to take profits on the greenback’s rally this week ahead of the end of the quarter.
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USDINR Trading Range For The Day Is 65.45-66.27

USDINR trading range for the day is 65.45-66.27.Rupee appreciated on buying by foreign banks likely for exporters and corporate clients as they took advantage of rupee’s plunge to fresh six-month lows.
The Reserve Bank of India may cut repo at its October monetary policy to support sluggish economic growth. The greenback surged to one-month high against its major peers as investors turned optimistic regarding US fiscal and monetary policies.
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EURINR Trading Range For The Day Is 77.26-77.83

EURINR trading range for the day is 77.26-77.83.Euro remained under pressure after President Donald Trump proposed the biggest U.S. tax overhaul in three decades.
German consumer confidence is set to weaken in October, survey data from the market research group GfK showed. Italy’s consumer confidence strengthened unexpectedly in September to the strongest level in twenty months.
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GBPINR – Ways2Capital

GBPINR trading range for the day is 87.65-88.83.GBP remained under pressure after the U.S. Federal Reserve Chair Janet Yellen said that the central bank should continue gradual rate hikes.
Uncertainty over the direction of Brexit negotiations – which recommenced this week in Brussels – also continues to weigh. Data showed British retail sales growth hit a two-year peak during the first part of this month, which bolstered bets on a Bank of England rate hike in November.
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JPYINR – Ways2Capital

JPYINR trading range for the day is 58.14-58.79. JPY remained under pressure underpinned by hopes that U.S. President Donald Trump’s administration may be making progress on tax reforms.
Japan’s lower house was dissolved ahead of an expected snap Oct. 22 election being called by Prime Minister Shinzo Abe.
Japan’s small business confidence improved as expected in September, after weakening in the prior month, survey data from Shoko Chukin Bank showed.
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