Currency Weekly Market Report

 

Market Outlook

The Rupee opened on Monday at 65.0150, made a high of 64.8725 and closed this week at 65.3400 down by 33 paisa vs previous close of 65.0000 due to decreased demand for the US currency from foreign fund outflows and importers and banks. The sharpest one-day gains in over four years saw in the government bonds following a surprised with lower than expected market borrowings for H1FY19. Apart from this investors also cheered the Government’s decision to issue securities uniformly spread across different maturities.

Fundamental News

  • China’s Yuvan firmed against the dollar. It is set to post its biggest quarterly gain in a decade on the account of country attracts capital inflows and US trade Frictions aid expectations of a firmer Chinese currency.
  • The US dollar held constant against its peers as the recovery seen earlier this week slack off ahead of the new quarter, which could likely bring renewed pressure on the greenback.

Global Updates

  • Greece Current Account (YoY) of Greece climbed from previous €-1.241B to €-0.586B in January.
  • Unemployment s.a of Norway Registered above expectations (82.6K) in March: Actual (83.63K).
  • BBA Mortgage Approvals of United Kingdom came in at 38.12K below forecasts (39.2K) in February.
  • European Monetary Union Private loans of Europe (YoY) came in at 2.9% below forecasts (3%) in February.
  • Trade Balance (MoM) of Sweden declined to -3.4B in February from previous -1.8B.
  • The Gross Domestic Product s.a (QoQ) Netherlands registered at 0.8% (4Q).

USDINR

USDINR showed sideways to positive movements throughout the week closed around its strong resistance level form bullish engulfing pattern on last trading session of the week if able to sustain above it then it may continue bullish rally towards next resistance zone i.e. 65.9000-66.2000. On lower levels if correction occurs then 64.8000 is act as strong support for it below this trend reversal is expected.

EURINR

EURINR showed strong pull back from its support broke its important resistance level in last trading week bulls are active in particular currency pair if continue this bullish rally then it may find next resistance around 82.0000 mark. If give some correction then 80.6000 is immediate support level below this it may drag towards next support zone and range is 80.0000-79.5000.

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