Weekly Forex Market Report

Market Outlook

Through out the week, the Indian rupee traded in thr range of 70.575 and 71.3325 against the US dollar as investor sentiment got a lift after US President Donald Trump said a trade deal with China could happen sooner than expected. Robust buying in domestic equities, fresh foreign fund inflows and easing crude oil prices also lent support to the domestic unit. The dollar stood tall on Friday, holding near multi-week highs against most major currencies as heightened risks from political tensions to the Sino-U.S. trade war increased its safe-haven luster.

Fundamental News

  • The pound wallowed at $1.2325, close to a two-week low hit on Thursday after the European Union’s Brexit negotiator said Britain had yet to provide “legal and operational” proposals for an agreement on exiting the bloc.
  • AUD/USD under pressure below 0.6758/60 after China’s industrial profits.

USDINR unable to sustain on higher levels showed bearish movements and closed around its support zone on daily charts. If able to sustain below this zone currency pair continue bearish movements and find support around its psychological level of 70.0000. On higher levels 71.5000 is act as strong resistance mark.

EURINR showed bearish movements last week and closed below its support level. Now, 77.5000 is seen as immediate support for the currency pair sustaining below this mark it may continue bearish rally and drag towards its next support zone of 76.5000. On upward side 79.0000 is seen as resistance zone for it.

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