Weekly Forex tips
The rupee rose to its highest in more than a week after
gaining for a third consecutive session on Friday, helped by dollar
sales by custodian banks and gains in the euro. The rupee gained 1.1 per
cent for the week, posting its best weekly gain since the week ended on
Jan. 18 as part of a powerful global risk rally, although US monthly
employment data due later in the day will be keenly watched. Investors
are expected to shift their attention to the industrial output data on
Tuesday and inflation data on Thursday, as the reports will come ahead
of the Reserve Bank of India’s policy review on March 19.
Domestic Forex Updates:- US dollar ends sharply cheaper against Rupee.
- Forex reserves down by $ 1.34 billion to $ 290.57 billion.
- China expresses currency fears as yen plummets.
- Dollar hits 3-1/2 year high vs yen on strong data bets.
USDINR had showed continuous downtrend last week and it was unable to hold near the major resistance of 55.0000 and dropped towards the major support of 54.5000. If this bearishness continues then it may find strong support near the trend line around 54.1000 on daily charts surpassing which next support is at 53.8000. While 55.2000 is still acting as important resistance.
EURINR
EURINR last week constantly found resistance near the trend line acting as important resistance on its daily charts. It faced resistance mainly in the zone of 71.7500-72.1000. Consolidation on weekly charts also indicating the sideways movements in the coming session where range is seen in the zone of 72.6000-70.5000.
Global Forex Updates:
- Dollar Hits 2009 High Versus Yen as U.S. Jobs Gain Tops Forecast.
- Canadian Dollar Gains Versus Major Peers on Employment Increases.
- Peru Keeps 4.25% Rate as CPI Slows Amid Stable Growth.
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