Forex Market News

GBPINR – Ways2Capital

GBPINR trading range for the day is 82.14-83.03. GBP traded in the range amid confirmation that an agreement has been reached which will see the Democratic Unionist Party back Theresa May’s minority party.
Data on first-quarter economic output, a consumer confidence survey, business investment numbers and a reading of Britain’s current account are all due later this week. UK consumer confidence deteriorated notably in the wake of hung parliament, survey results from YouGov showed.
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EURINR – Ways2Capital

EURINR trading range for the day is 72.28-73.54. Euro after ECB President Mario Draghi said there are clear signs of a “strengthening and broadening” recovery underway in the euro zone area.
Draghi said the ECB sees growth that is above trend and well distributed across the euro area, but reiterated that “a considerable degree” of stimulus is still needed.
Draghi said the ECB’s policies have been effective in rebuilding inflation, but noted that the reflationary process was being slowed by a combination of external price shocks.
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USDINR – Ways2Capital

USDINR trading range for the day is 64.62-64.88. Rupee gained on buying by foreign banks and as investors await comments from Federal Reserve Chairperson Janet Yellen.
India’s current account deficit widened to $3.4 billion, or 0.6 percent of gross domestic product, in the January-March quarter from the same period. RBI’s monetary policy committee wants more evidence that inflation has sustainably fallen below its target before deciding whether to lower interest rates.
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Indian Rupee Opens Marginally Lower At 64.55 Per Dollar

The Indian rupee opened marginally lower at 64.55 per dollar on Wednesday versus previous close 64.53. Pramit Brahmbhatt of Veracity said, “The rupee will take cues from weak domestic equity market and will trade sideways to negative.
We expect the spot USD-INR pair to trade in a range of 64.40-64.80/dollar.The dollar index tumbled against major currencies and ceded ground after hitting a five-week high against the yen.
Meanwhile, the euro traded at a ten-month high against the greenback following ECB president Mario Draghi’s comments that the central bank could potentially adjust its policy in response to improving economic conditions.
According to Dhawal Dalal of Edelweiss AMC, “The government bond prices have remained rangebound with a declining trend perhaps due to profit booking. Price chart also looks a tad weak from a technical perspective in the near term. We maintain our bullish outlook over the medium term and target 10-year benchmark bond yield at 6.25 percent,” he added.
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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 Per Dollar

The Indian rupee opened marginally higher at 64.56 per dollar against previous close 64.59. Ashutosh Raina of HDFC Bank said, “The USD-INR pair continues to consolidate in a very narrow band, with the dollar index rising from recent lows and the dollar gaining against most other currencies.”
He further added, “We expect the pair to continue trading in the 64.40-64.70/dollar range today.Notwithstanding the dovish MPC minutes, the bonds saw a bout of profit booking with the 10-year benchmark bond yield closing at 6.45 percent. We expect the yield to trade in the 6.43-6.48 percent range today,” he said.
The dollar was flat against a basket of currencies as low US bond yields offset in-line data on domestic jobless claims and home prices, that kept it close to the one-month peak it reached earlier this week.The yen garnered some safe-haven demand on softness in global markets.
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