Forex Market News

Sell USDINR July On Bounce0 Near To 65.00

Rupee for june month moved in range of 64.84-64.30, today settled down at 64.48 appreciating nearly by +0.36% justlying the historical gains for June months while rupee looks continue to trade in a narrow range ahead of GST implementation next week.
Also, monsoon progress remains in focus amid expectations of normal rainfall. We suggest going short in July USDINR future near 64.85 for target at 64.32 and below can test 63.95 level with stop loss at 65.40.
Crude continued its downturn and moved to its lowest levels since November last week. Data points do not suggest any major recovery recovery in crude in the near term. World stock markets too reacted to tumbling crude oil prices.
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JPYINR – Ways2Capial

JPYINR trading range for the day is 57.77-58.26. JPY dropped ahead of comments from Fed Chair Janet Yellen that are expected to underline her positive view of the U.S. economic outlook.
Japan’s leading index declined more than initially estimated in April, latest figures from the Cabinet Office showed. Producer prices in Japan were up 0.7 percent on year in May, the Bank of Japan said.
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JPYINR – Ways2Capital

In the last week, JPYINR spot rose by 0.34 percent owing to the disappointing release of manufacturing growth that slipped to 52 in June’17 from previous month’s 53.1. Furthermore, strength in the American currency was another factor for the price trend of Japanese yen.
However, sharp losses were capped as the recent oil plunge hurt the global risk appetite which boosted the demand for safe haven Yen. Today, JPYINR futures is expected to trade lower towards 57.80 mark.
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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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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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