The rupee posted a fourth consecutive week of falls after ending flat on Friday, as investors add more bearish bets on a local currency that is pricing in deep uncertainties about the country's economic and fiscal challenges which were recently highlighted by S&P, which downgraded India's outlook to negative last week, in the latest negative development impacting the currency. The weakening rupee has led to talk of potential intervention from the central bank, but traders believe that is unlikely given the country's modest foreign exchange reserves and tight liquidity conditions.
Major Market News –
Rupee falls; RBI intervention unlikely til it hits 54 to dollar.
Yen recoups losses after BOJ announcing 10 trln yen increase in bond buying .
Dollar rises after Bank of Japan monetary easing.
Sterling recovers from recession hit to 7-month dollar high.
USDINR –
USDINR has been moving in upward channel and bullish sentiments are still prevailing if it is able to cross the resistance level of 53.1225; then it may move towards the next key resistance of 53.8850. On lower side, 52.0250 will act as strong support for it.
EURINR –
EURINR surged on higher side after giving breakout from the triangle pattern last week. Now, it is near to the previous highs where it is expected to get resistance in the range of 70.3525-70.9250. If it sustains below the support of 69.5400 then it may further dip towards 68.7500.
INTERNATIONAL UPDATES –
Yen Gains Amid Central-Bank Speculation; Euro Weakens.
Pound Extends Winning Streak Versus Dollar to Longest Since 1992.
Asia Currencies Rise as U.S. Economic Recovery May Spur Exports.
Australia, N.Z. Dollars Gain as Central Banks Fuel Demand.
For more information Click Here
Stock tips, Commodity tips
Major Market News –
Rupee falls; RBI intervention unlikely til it hits 54 to dollar.
Yen recoups losses after BOJ announcing 10 trln yen increase in bond buying .
Dollar rises after Bank of Japan monetary easing.
Sterling recovers from recession hit to 7-month dollar high.
USDINR –
USDINR has been moving in upward channel and bullish sentiments are still prevailing if it is able to cross the resistance level of 53.1225; then it may move towards the next key resistance of 53.8850. On lower side, 52.0250 will act as strong support for it.
EURINR –
EURINR surged on higher side after giving breakout from the triangle pattern last week. Now, it is near to the previous highs where it is expected to get resistance in the range of 70.3525-70.9250. If it sustains below the support of 69.5400 then it may further dip towards 68.7500.
INTERNATIONAL UPDATES –
Yen Gains Amid Central-Bank Speculation; Euro Weakens.
Pound Extends Winning Streak Versus Dollar to Longest Since 1992.
Asia Currencies Rise as U.S. Economic Recovery May Spur Exports.
Australia, N.Z. Dollars Gain as Central Banks Fuel Demand.
For more information Click Here
Stock tips, Commodity tips
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