Weekly Currency Market Report

Market Outlook

On Friday, extending gains for the fourth straight day, the rupee appreciated by 14 paise to open at 69.9600 and hovered in the range of 71.1025 and 69.7800 against the US dollar due to weakening of dollar against other major Asian peers. Moreover, sustained foreign fund inflows and increasing selling of dollar by exporters and banks bolstered the domestic currency. Dollar inched up against basket of currencies, as market participants turned their focus to the G20 summit.

Fundamental News

  • Treasury yields fell, extending the month long decline, as President Donald Trump is set to meet his Chinese counterpart Xi Jinping on the sidelines of the Group of 20 summit.
  • Canada’s economic growth slowed in the third quarter on declines in motor vehicle purchases and housing investment, underpinning market expectations that the Bank of Canada will not hike interest rates next week.

USDINR last week found strong resistance around 71.0000, showed negative movements and closed below psychological level of 70.0000. Now, if currency pair able to sustain below this level then it may continue bearish movements towards dipper support zone of 69.0000.

EURINR showed sideways to negative movements throughout the week and closed around its strong support zone of 79.5000. For upcoming session if currency pair continues to trades below this support zone then it may shows more negative movements towards 78.6000 mark.

(Click to submit your details) Just one step to get best trading tips and Recommendation.


Leave a Reply

Your email address will not be published. Required fields are marked *