Forex Market News

GBPINR – Ways2Capital

In the last week, GBPINR spot traded mostly in a range bound manner owing to mixed developments in the Britain region. Bank of England’s chief economist Andy Haldane, who voted to keep rates unchanged last week, said he was likely to back an increase in interest rates later this year which was a cheery event.
However, sharp gains were restricted as markets played closed attention to the on-going Brexit negotiations that would shape the economic structure of United Kingdom. Today, GBPINR futures is expected to trade lower towards 82 mark.
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EURINR – Ways2Capital

In the last week, EURINR spot rose by 0.12 percent as the onset of Brexit negotiations had led to cautiousness in the markets. The phase one of Brexit discussion was dedicated to expat rights, financial settlement and “other separation issues”.
With respect to the same, the EU’s chief negotiator Michel Barnier said he was “not in the frame of mind to make concessions or ask for concessions” which played negatively on the investor’s minds.
Moreover, Britain’s PM made an offer on the rights of EU citizens citing that those who arrived lawfully before Brexit will get the same rights to work, healthcare and benefits as UK citizens. Today, EURINR spot is likely to trade higher towards 72.25.
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Indian Rupee – Ways2Capital

In the last week, the price trend of USDINR spot was simply unclear as it traded mainly in a range-bound manner. However, it ended on a weak note. USDINR spot depreciated by 0.05 percent as markets were gearing up for the Brexit negotiations which started on 19th June’17. The negotiation did not make any head-turning situations which worked in favor of the Indian Rupee.
On the domestic front, Sensex and Nifty traded mostly in red after National Association of Software and Services Companies projected that the revenue growth for India’s software services industry was likely to grow slower due to technology changes and political uncertainty. Today, USDINR spot is likely to trade sideways.
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USDINR – Ways2Capital

NSE USDINR July as seen in the weekly chart above has opened the week with gap down at 64.7525 levels and starting of the week it made a weekly low of 64.64 levels. Later on prices could not able to sustain on lower levels and rallied sharply and made a weekly high of 64.9875 levels. On the last trading session of the week price corrected towards 64.695 levels.
This week prices have closed above the previous week’s closing of 64.7625 levels and finally closed 0.01% higher at 64.77 levels. Technically, prices have formed “Doji Type Candlestick pattern” which indicates indecisiveness.
For the next week we expect USDINR prices to find support in the range of 64.50 – 64.40 levels. Trading consistently below 64.40 levels would lead towards the strong support at 64.20 levels and then finally towards the major support at 63.90 levels.
Resistance is now observed in the range of 65.10 – 65.20 levels. Trading consistently above 65.20 levels would lead towards the strong resistance at 65.40 levels, and then finally towards the major resistance at 65.60 levels.
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Indian Rupee Opens Higher At 64.48 Per Dollar

The Indian rupee opened marginally higher at 64.48 per dollar on Tuesday against 64.52 Friday.The US dollar hit a one-month high against the yen and rebounded against the euro on Monday after the European Central Bank chief defended the ECB’s easy monetary policy, said a Reuters report.
ECB President Mario Draghi, speaking to university students in Lisbon, said super low rates create jobs, foster growth and benefit borrowers, ultimately easing inequality, it said.The dollar fell against emerging market currencies, however, partly on a reach for higher-yielding alternatives to the greenback amid low volatility. The dollar was last down 1.3 percent against the Brazilian real at 3.2998 reais.
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Indian Rupee Opens Higher At 64.56/ Dollar

The previous close of Indian rupee was 64.59 and on Friday it is opened higher at 64.56/ dollar. The USD-INR continues to consolidate in a very narrow band, with the dollar index rising from recent lows and the dollar gaining against most other currencies and they expect the pair to continue trading in the 64.40-64.70 per Dollar range today (Friday), is said by Ashutosh Raina of HDFC Bank.
He further added that, notwithstanding the dovish MPC minutes, the bonds saw a bout of profit booking with the 10-year benchmark bond yield closing at 6.45% and they expect the yield on the 6.43-6.48%range today.In the global markets the Yen garnered some safe-haven demand on softness.
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Dollar Index Almost Unchanged In Subdued Trade

The dollar was little changed early on Friday as traders marked time ahead of next week’s U.S. inflation-linked indicators. The dollar index against a basket of major currencies stood little changed at 97.547. The index peaked at a one-month high of 97.871 early in the week after the Federal Reserve hiked interest rates last week and left the door open for further monetary tightening later in the year.
But it has been stuck in a tight range since, awaiting fresh catalysts.The dollar was flat at 111.290 yen. It had scaled a near one-month peak of 111.790 on Tuesday before edging down in tandem with U.S. yields, which were nudged lower by falling oil prices.
The euro was also steady, at 1.1150. It was poised to lose about 0.4 percent this week.The rupee closed at 64.60 a dollar, down 0.11% from its Wednesday’s close of 64.52. The rupee opened at 64.62 a dollar and touched a high and a low of 64.45 and 64.59 respectively. We expect the pair to trade in the range of 64.50-64.80.
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