Forex Market News

USDINR – Ways2Capital

USDINR trading range for the day is 64.07-64.37. Rupee traded in range on likely buying by foreign banks and on value buying by nationalised banks and foreign investors amid fall in US Treasury yields.
RBI’s monetary policy committee members said easing consumer inflation had supported the need for a rate cut at its August meeting. India’s consumer price index-based inflation accelerated to 2.36% in July compared with downwardly revised record low of 1.46% hit in June.
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Indian Rupee Opens Higher At 64.07 Per Dollar

The Indian rupee gained in the early trade on Monday. It has opened higher by 7 paise at 64.07 per dollar versus 64.14 Friday.
Pramit Brahmbhatt of Veracity said, “The ongoing correction in domestic equity market and FII outflows will force the rupee southwards. We expect the USD-INR pair to trade in a range of 64-64.50 for the day.
The dollar index, which measures the US currency against a basket of currencies is lower – amid political uncertainty and growing doubts over the prospects for another rate hike by the Federal Reserve this year. However, against the yen, the dollar edged up versus level seen last Friday.
Ajay Manglunia of Edelweiss said, “The buying momentum on Friday was not very strong and it is unlikely that gilts will move definitively in either direction in the absence of near-term triggers. The 10-year benchmark yield is expected to trade in a narrow range of 6.48-6.53 percent today.
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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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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

GBPINR trading range for the day is 83.17-83.64. GBP traded in range as investors added bearish bets against the British currency on concerns the economy may be struggling to gain momentum.
The UK economy grew at a slightly slower pace in three months ended July, the National Institute of Economic and Social Research said.
UK data on inflation and employment will be in the spotlight amid ongoing concerns over the economic fallout from Brexit.
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