Forex Market News

EURINR – Ways2Capital

EURINR trading range for the day is 77.65-78.19.

Euro remained on a nervous footing through the May 23-26 European parliamentary election.

Germany’s economy is likely to lose momentum in the second quarter, according to the monthly report, published by Bundesbank.

Germany’s producer price inflation rose marginally in April, figures from Destatis showed.

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USDINR – Ways2Capital

USDINR trading range for the day is 69.61-69.96.

Rupee traded in range tracking higher crude oil prices even as investors stayed cautious ahead of election results amid thin volumes.

However, caution remains until the actual results scheduled for Thursday, and investors are refrain from making aggressive positions awaiting the same.

The Reserve Bank of India (RBI) will remain vigilant and strive to revive growth in Asia’s third-largest economy.

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Rupee Opens Higher At 69.67 Per Dollar

The Indian rupee opened higher at 69.67 per dollar on Wednesday versus previous close 69.71.

Rupee consolidated in a narrow range ahead of the general election results that will be released tomorrow. Exit polls released during the weekend showed the NDA could win a big majority and that has been supportive for the rupee in the last couple of sessions .

Volatility for the currency could be confined to a narrow range in the first half of the session but could increase in the latter half. Dollar strengthened against its major crosses after United States temporarily eased trade restrictions on China’s Huawei to minimize disruption for its customers. The Commerce Department granted Huawei a license to buy US goods until August 19.

Today, USD-INR pair is expected to quote in the range of 69.40 and 70.05, it added.

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JPYINR – Ways2Capital

JPYINR trading range for the day is 62.88-63.93.

JPY dropped as risk appetite improved slightly.

The Japanese economy unexpectedly accelerated in the last quarter, defying expectations for a mild contraction.

BoJ would “maintain the current extremely low levels of short- and long-term interest rates for an extended period of time.

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GBPINR – Ways2Capital

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GBPINR trading range for the day is 88.27-89.41.

GBP dived after cross-party Brexit talks collapsed and concern grew about the impact Prime Minister Theresa May’s likely resignation would have on Britain’s EU divorce.

Brexit was delayed, but following weeks of talks between May’s Party and the opposition Labour Party that yielded nothing the currency slumped out of its narrow range.

UK house prices increased marginally in May, reports said citing data from the property website Rightmove.

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EURINR – Ways2Capital

EURINR trading range for the day is 77.09-78.94.

Euro dropped as dollar rose as concern about next week’s European parliamentary elections dented demand for the euro.

The dollar has been favored as a safe-haven currency even as the U.S.-China trade war escalates.

Italian Deputy Prime Minister Matteo Salvini’s comments that European Union rules harm his country.

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USDINR – Ways2Capital

USDINR trading range for the day is 69.3-70.09.

Rupee rallied after exit polls suggested the election will give a clear mandate for the ruling party led coalition.

Indian Prime Minister Narendra Modi is likely to return to power with an even bigger majority in parliament after a mammoth general election.

The Reserve Bank of India (RBI) will remain vigilant and strive to revive growth in Asia’s third-largest economy.

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