5 Forex Currency USDINR

MUMBAI (Reuters) - The rupee rose marginally on Friday, helped by the euro's gains and after a government panel forecast a lower current account deficit, but still posted a fall for the week as high global crude prices sparked demand for dollars.

Despite the unexpected fall seen in July wholesale price inflation data out this week, investors remain concerned the central bank will not cut interest rates at its mid-September policy review, while the government has yet to announce any growth-boosting measures.

A spike in global crude prices that sent Brent futures to three-month highs this week has exacerbated inflationary fears, while also raising concerns about India's current account deficit.

The euro hit a six-week high against the Japanese yen on Friday after comments from German Chancellor Angela Merkel the previous day strengthened expectations that action will be taken to stem Europe's debt crisis.

In the currency futures market, the most-traded near-month dollar/rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange, all closed at around 55.80 with the total traded volume at around $3.5 billion.

USDINR is showing weakness on charts and as per Fib retracement we expect USDINR to touch 54.12 (38.2%) and 53.11 (50%)

5 comments:

  1. USDINR on track and made low 54.27 (almost TG1) last week. I will book 50% profit next week...Enjoy!!!

    ReplyDelete
  2. USDINR Target 1 achieved and booked 50% profit today.

    ReplyDelete
  3. USDINR low today 53.31 and almost touched our TG2.

    ReplyDelete
  4. USDINR - TG 2 achieved and this call is closed. I have booked full profits today.

    ReplyDelete

Thanks for giving your valuable inputs, TRENDGURUS

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