Forex Market News

Indian Rupee Opens Lower At 64.18 Per Dollar

The Indian rupee opened marginally lower at 64.18 per dollar on Friday versus 64.15 Wednesday. Bhaskar Panda of HDFC Bank said, “Dollar index bounced on the basis of European Central Bank (ECB) concerns on euro strength. The USD-INR pair consequently could move a little higher keeping pace with other Asian currencies. We expect a range of 64.15-64.40 for the day.”
He further added, “The 10-year benchmark yield is expected to trade within the 6.52-6.54 percent range today.”The dollar edged up against a basket of currencies in the overnight session after earlier falling on trump administration woes. However, the US currency remained subdued against the yen. Meanwhile, the euro softened as traders digested minutes from the ECB.
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USDINR – WaysCapital

On a daily chart, the pair has moved back into the channel which it had broke earlier. Moreover, prices have been trading above its EMA which gives the sign of bullishness in the price.
A momentum indicator RSI has moved above 40 level on a daily chart, which suggests the possibilities of upside momentum in the prices.In addition, momentum indicator MACD has shown positive crossover which suggests further upside momentum in the prices on a daily chart. For now, we expect prices should move lower towards 64.90 levels in the coming trading sessions.
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JPYINR – WaysCapital

On a daily chart, the prices has given breakout of its falling channel which may propel for a upward move in the price.
Moreover, prices have moved above its 21 EMA which is a bullish sign. On a daily chart momentum indicator, RSI has moved above the trend-line which is positive condition.
In addition, momentum indicator MACD has shown positive crossover which suggests further upside momentum in the price. For now, we expect prices should move higher towards 59.40 levels in the coming trading sessions.
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Rupee Ends 3 Paise Lower At 64.15 Against US Dollar

The rupee staged an impressive comeback after plunging to a fresh three-week low and ended with a modest loss of 3 paise at 64.15 a dollar today even as local equities put up a strong performance.
The outcome of the two-day policy meeting of the Federal Reserve and resurgent dollar overseas largely kept forex market sentiment little shaky throughout the day. Fresh bouts of dollar demand from importers and fears over a sudden capital flight added some extra pressure.
Spectacular rally in domestic equities and easing geopolitical tension between the US and North Korea predominantly helped the local unit to recover from early steep fall. The home currency tumbled to as low as 64.33 in early trade — the level which was last seen on July 26.
Meanwhile, a surprise rise in both wholesale and retail inflation numbers in July reduced chances of further reduction in key policy rates in the near future. The country’s export growth showed improvement with a nominal 3.94 per cent rise impacted by strong rupee and GST.
Strong economic indicators and easing geopolitical tensions kept US dollar firm against major trading rivals globally ahead of the release of minutes from the Federal Reserve’s last meeting, due later today.
Meanwhile, riding on a global relief rally, domestic bourses staged a solid performance for the second session following across-the-board buying spree as sentiment got a boost from easing geopolitical tensions also supported by short-covering, lifting the benchmark indices over 1 per cent.
Foreign institutional investors (FIIs) sold shares worth Rs 1,638.83 crore on Monday, as per provisional data. At the Interbank Foreign Exchange market, the rupee opened sharply lower at 64.28 as compared to Monday’s level of 64.12 per dollar.
It later touched a low of 64.33 in mid-morning deals due to heavy dollar pressure but managed to recoup most of its early losses to end at 64.15, showing a small loss of 3 paise or, 0.05 per cent.
The rupee had recovered on Monday after scripting its biggest weekly fall this year. The RBI, meanwhile, fixed the reference rate for the dollar at 64.2428 and for the euro at 75.3761. The dollar index, which measures the greenback’s value against a basket of six major currencies, was up at 93.85.
In cross-currency trades, the rupee rose sharply against the pound sterling to end at 82.54 from 83.16 per pound and strengthened against the Japanese yen to settle at 57.90 per 100 yens from 58.47. It also recovered against the euro to finish at 75.12 from 75.63 earlier.
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EURINR – Ways2Capital

On a daily chart, the price has found support of its rising channel pattern.Moreover, 100 DMA and 200 DMA has entered into a positive crossover.
Price has moved above 61.80% of the previous fall from 76.05 to 74.59 which signifies reversal of the previous trend.
On a daily chart momentum oscillator, RSI is coming up from it previous trough which suggests positive outlook for the near term.
A momentum indicator MACD has shown positive crossover on the hourly chart.For now, we can expect prices should move higher towards the 76.95 levels in the coming trading session.
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GBPINR – Ways2Capital

On a daily chart, the price has been trading within a rising the wedge.price has remained below its 21 EMA, which suggest short term trend looks down.
Moreover, momentum indicator MACD has given negative crossover on a daily chart, which gives the sign of bearishness in the prices.
A momentum indicator RSI has moved below 50 levels on a daily chart, which support our bearish view on the pair. For now, we expect prices should move lower towards 82.00 levels in the coming trading sessions.
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JPYINR – Ways2Capital

On a daily chart, the prices has given breakout of its falling channel which may propel for a upward move in the price.Moreover, prices have moved above its 21 EMA which is a bullish sign.
On a daily chart momentum indicator, RSI has moved above the trend-line which is positive condition.In addition, momentum indicator MACD has shown positive crossover which suggests further upside momentum in the price.For now, we expect prices should move higher towards 59.40 levels in the coming trading sessions
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or mail us here: info@ways2capital.com
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Give a Missed Call for Free Trial – 09699997717
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