Weekly Forex Market Report

Market Outlook

The rupee trimmed its gain on Thursday, as it closed the day lower by 0.16 per cent at 71.02 against the dollar. The demand for dollar dampened the Indian currency. This comes after the rupee closed positive for six consecutive trading sessions.

On macro front, India’s foreign exchange reserves INFXR=ECI rose to $440.75 billion in the week ended Oct. 18 from $439.71 billion a week earlier, the Reserve Bank of India said on Friday.

Fundamental News

  • Indonesia and Turkey both cut interest rates on Thursday, keeping the global trend of monetary easing intact.
  • Sterling drop nearly 1% this week as the initial rush of euphoria at the conclusion of the divorce deal between the EU and U.K. ran into the familiar problems of winning approval in the U.K. parliament.

USDINR after negative opening showed sideways movements throughout the week closed with loss. Now, sustaining below 71.0000 mark in upcoming week currency pair continue bearish movements and find strong support around its psychological level of 70000. On upward levels 71.5000 is immediate resistance for it.

EURINR showed sideways to bearish movements and closed with negative bias around its support. If able to continue negative rally in upcoming week then 78.0000 is act as immediate support for the currency pair sustaining below this mark it may drag towards 77.2000. On higher levels 79.5000 is strong resistance for it.

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