Forex Market News

Indian Rupee Opens Flat At 67.98 Per Dollar

The Indian rupee opened flat at 67.98 per dollar on Tuesday versus previous close 67.99.
Near-month dollar-rupee June contract on the NSE was at 68.06 in the previous session. June contract open interest increased 7.61% in the previous day.
We expect the USDINR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, said ICICIdirect.
Buy USDINR in the range of 67.90-67.96, it added.
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USDINR – Ways2Capital

USDINR trading range for the day is 67.85-68.4.
Rupee settled with little changed on lack of fresh triggers and tracking sharp falls in crude oil prices before the OPEC meeting.
Rupee opened at three-week low as dollar rose to seven-month highs on increased safe haven appeal over an intensifying trade conflict between US and China.
Central banks in many emerging markets are raising rates to stem capital outflows, battle inflation and support domestic currencies.
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EURINR – Ways2Capital

EURINR trading range for the day is 78.74-79.44.
Euro trading in range as the dollar edged up as investors bet US and China would avoid a full-blown trade war, although tensions between the two slowed its gains.
The ECB signaled it will keep interest rates at record lows well into next year.
The euro area trade surplu.
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GBPINR – Ways2Capital

GBPINR trading range for the day is 89.8-90.88.
GBP remained in range as strong U.S. data and a hawkish Federal Reserve prompted investors to buy the greenback.
Focus shifts to the Bank of England’s meeting and Prime Minister Theresa May’s ongoing efforts to convince her colleagues about her plans for Brexit.
May saw off a parliamentary rebellion over parliament’s role in the Brexit process and ensured her government’s all-important EU withdrawal bill passed.
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JPYINR – Ways2Capital

JPYINR trading range for the day is 61.44-61.95.
JPY dropped as the dollar pushed higher boosted by the diverging monetary policy outlook between the U.S. and Europe.
Japan’s exports rose in May at the fastest rate in four months, a sign that global demand is gaining strength.
Japan’s exports to the United States rose 5.8 percent year-on-year in May, faster than a 4.3 percent year-on-year in April.
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Rupee Sheds 15 Paise Against US Dollar

The rupee weakened by 15 paise to hit a fresh three-week low of 68.16 against the US dollar in early trade today, pressured by appreciation of the American currency overseas amid sustained foreign capital outflows.
Forex dealers said the dollar’s rise towards a seven-month high against a basket of its peers, as investors absorbed the escalation in trade tensions between the US and China, weighed on the rupee. However, a higher opening in the domestic equity market capped the losses.
The rupee had closed below the key 68-mark to end at 68.01 against the US currency in the previous session on Friday after the country’s trade deficit widened more than expected amid renewed global trade war fears.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,524.74 crore on Friday, provisional data released by stock exchanges showed. Meanwhile, the benchmark Sensex rose by 76.29 points, or 0.21 per cent, to 35,698.43 in early trade.
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USDINR – Ways2Capital

USDINR trading range for the day is 67.85-68.24.
Rupee dropped on buying by oil importers amid a strong greenback after ECB decided to keep interest rate unchanged for extended period.
India’s merchandise exports in May rose 20.2 percent year-on-year, the trade ministry said.
India is set to announce retaliatory tariffs against US goods.
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