Weekly Currency Report for Profitable Investment


Weekly Currency Report for Profitable Investment – 25th Sep to 29th Sep 2017

Market Outlook
Showing a smart resilience against heightened global volatility, the rupee today clawed back its lost territory to recover from its near-six-month low and ended a marginal 2 paise higher at 64.79 per dollar. Escalating geopolitical tensions in the face of fresh war of words between North Korea and the US administration kept overall forex market sentiment highly nervous. The rupee nosedived to hit a fresh six-month low in mid-morning trade on hardening speculation of widening fiscal deficit after government indicated a package of stimulus measures to boost exports and revive falling domestic growth.


Fundamental News
• Rupee plunges below 65/$, lowest level since April 5.
• Eurozone upturn regains momentum in September.
• Won slips as North Korea hints at Pacific nuke test.
• French private sector growth gains momentum.
• China’s yuan inches up as post-Fed dollar rally fades.
• Annual inflation up to 1.5% in the euro area.


Global Updates
• German PMI rises to six-and-a-half year high as manufacturing booms.
• Existing-Home Sales Subside 1.7 Percent in August.
• German PMI rises to six-and-a-half year high as manufacturing booms.
• Retail sales in Great Britain increased by 1.0% compared with July 2017.
• German Zew Economic Outlook Improves Significantly.
• U.S. Housing Starts Steady, Permits Rise Ahead of Hurricanes.
• US Unemployment Insurance Weekly Claims was 259,000, a decrease of 23,000 from the previous week.



USDINR last week gained momentum from the beginning and rallied towards higher resistances. Although, it was unable to sustain and close above the mark of 65.0000 and so it will remain the crucial level for the week. On lower side, 64.5000 is seen as immediate support below which correction may take place towards deeper supports.


EURINR last week sustained at higher levels and also breached the immediate resistance levels on daily chart. In the coming week, if the currency pair holds above 77.5000 then up move may continue whereas any closing below the mark of 77.0000 can further drag the pair.


(Click to submit your details) Just one step to get best trading tips and Recommendation


Leave a Reply

Your email address will not be published. Required fields are marked *