Weekly Report of Forex Market
Weekly Forex Market Research Reports
On Friday, continuing its upward journey for a third straight day, the rupee opened 3 paise higher at 71.1000 and throughout the week hovered in the range of 70.9575 and 71.5975 against the US dollar on increased selling of the American currency by exporters and banks. Moreover dollar weakness against major Asian peers and early gains in domestic bourses boosted the rupee sentiments. The pound hit a two-year high against the euro Friday and a three-month high against the dollar on growing confidence that the U.K. can avoid crashing out of the European Union.
- The Kiwi dollar is little changed today but higher than it started the week after inflation figures out led investors to pare back the odds of an interest rate cut this year
- Tokyo’s core consumer price inflation picked up slightly more than expected due to higher energy prices, but Japan’s central bank still has a long way to achieve its elusive 2% inflation target.
USDINR showed sideways movements throughout the week moved in tight range, for upcoming week sustaining above 71.0000 mark may give strength to it and continue bullish movements towards its resistance zone of 72.5000. On lower levels 70.7000 is act as immediate support for it.
EURINR last week showed sideways to bearish movements and form reversal pattern on last trading session which indicates some positive movements towards 81.5000 sustaining above this mark it comes in bullish zone and continue rally towards 82.2000. Psychological level of 80.0000 is act as strong support for it.
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