Weekly Currency Market Report

Market Outlook
Against the US dollar, on Friday, the Indian rupee appreciated by 7 paise to open at 71.225 but soon capped all the gains and throughout the week hovered in the range of 70.9175 and 71.5900 against the US dollar amidst strengthening of the American currency, rising of crude oil prices and caution ahead of interim budget.Dollar traded mixed against major Asian peers as tentative signs of progress in the U.S.-China trade war were offset by surveys showing more economic weakness in China and other Asian economies.

Fundamental News

  • Yuan plunged After China Caixin PMI Tumbles To 3 Year Low; Biggest Drop on Record.
  • There were 161 jobs for every 100 jobseekers on average last year in Japan, the highest ratio since 1973, highlighting the labour shortage in the world’s third-largest economy and its ageing society.

USDINR last week showed sideways to positive movements and form strong consolidation on daily charts if able to give breakout in upcoming week then continue bullish rally towards its strong resistance level of 72.8000. On lower levels if correction occurs then 70.6000 is act as support for it.

EURINR showed sideways movements throughout the week closed around its resistance on daily charts if sustain above it then it may shows positive movements and find resistance near 83.0000 mark above which it is more bullish. Downward side 81.5000 is act as strong support for it.

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