The Indian rupee rallied against the dollar on Friday, tracking robust gains in domestic stocks and global risk assets. Hopes that Reserve Bank of India will cut interest rates on Monday to kickstart domestic growth also supported the rupee, since waning confidence on the economy had been a major factor behind last month's falls to a record low by the local unit. Global risk factors will be key to the rupee's outlook, as Greek elections on Sunday will be followed by a Federal Reserve meeting that ends on Wednesday in which the U.S. central bank may opt for further U.S. monetary stimulus measures.
Major Market News –
Rupee gains; awaits Greece, RBI outcome.
India's forex reserves rise to $287.38 billion.
Yuan stronger on euro hopes, weak US data.
Euro holds firm on hopes of central bank action, soft US data.
USDINR –
USDINR consolidated in a very short range last week. It found support at the trend line coming from previous lows. If it breaks this support of 55.6000 then according to Fibonacci Retracements it may drop towards 23.6% retracement level of 54.9000. While on higher side, 56.0000 is acting as crucial resistance for it above which 56.7800 will act as strong resistance for it.
EURINR –
EURINR moved in a short range of 69.6600-70.4000 last week. It is expected to cross the resistance of 70.5000 in the coming week and may lead towards higher level of 71.1250. While on lower side, 69.5300 is seen as strong support below which it may drag towards 68.9000.
INTERNATIONAL UPDATES –
U.K. Joins France in Boosting U.S. Treasury Holdings Amid European Crisis.
Aussie, Kiwi Set for Weekly Gains Ahead of Fed, G-20.
Mauritius Rupee Strengthens, Reverses Its Earlier Losses.
For more information Click Here
Stock Tips, Commodity Tips
Major Market News –
Rupee gains; awaits Greece, RBI outcome.
India's forex reserves rise to $287.38 billion.
Yuan stronger on euro hopes, weak US data.
Euro holds firm on hopes of central bank action, soft US data.
USDINR –
USDINR consolidated in a very short range last week. It found support at the trend line coming from previous lows. If it breaks this support of 55.6000 then according to Fibonacci Retracements it may drop towards 23.6% retracement level of 54.9000. While on higher side, 56.0000 is acting as crucial resistance for it above which 56.7800 will act as strong resistance for it.
EURINR –
EURINR moved in a short range of 69.6600-70.4000 last week. It is expected to cross the resistance of 70.5000 in the coming week and may lead towards higher level of 71.1250. While on lower side, 69.5300 is seen as strong support below which it may drag towards 68.9000.
INTERNATIONAL UPDATES –
U.K. Joins France in Boosting U.S. Treasury Holdings Amid European Crisis.
Aussie, Kiwi Set for Weekly Gains Ahead of Fed, G-20.
Mauritius Rupee Strengthens, Reverses Its Earlier Losses.
For more information Click Here
Stock Tips, Commodity Tips
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