Sunday, 9 June 2013

Weekly Forex tips

Currency Weekly Report for 10/june/2013 – 14/june/2013
The Indian rupee has been the worst performing currency against the Asian basket in the last one month. It depreciated 5.5% against the US dollar in May and extended its underperformance in the month of June as well. The rupee breached 57 per dollar today and was just a few paise short of record lows of 57.32 which it hit in June 2012. While the global cues are all over the place, things back home lack clarity and are weighing on the rupee. The concerns on high Current Account Deficit and weak equities are impacting the currency.
Domestic Forex Updates:
  • Indian rupee falls most in a week on heavy dollar demand.
  • Rupee may plunge further to 57.80 driven by domestic, global factors.
  • Yuan flat even as midpoint at new peak, market finds equilibrium.
USDINR
USDINR on weekly charts is exhibiting higher highs and higher lows since last six consecutive weeks. Immediate crucial mark seen is 57.5200 ahead surpassing which it will lead towards new highs near 58.0000. However, If some correction took place then on lower side 56.5000 is seen as strong support below which 55.5500 will act as next important support.
EURINR
EURINR after giving closing above 73.5500 last week continued its bull rally this week also and resisted near 76.0000 level. On continuation of this rally it may lead towards new highs. On any correction support is found in the range of 74.8500-74.4000.
Global Forex Updates:
  • Dollar Strengthens as U.S. Jobs Data Back Fed Taper Speculation.
  • Pound Surges Most in 3 Years on Signs U.K. Economy Strengthening.
  • Canadian Dollar Has Biggest Gain Since 2011 on Surge in Jobs.
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