Weekly Currency News

Market Outlook

The Indian rupee is trading higher by 10 paise at 70.7000 per dollar on Friday. A positive opening in the domestic equity market, easing crude oil prices and reports that leading foreign investors will meet senior Finance Ministry officials on Friday on issues like higher tax surcharge supported the domestic unit. On the flip side, the dollar was mixed within relatively narrow ranges Friday at the start of European trading, after the Chinese yuan defied some weak factory gate inflation data to end the week on a stable note.

Fundamental News

  • The yen traded near an eight month high versus the dollar on Friday as renewed concerns about the U.S.-China trade dispute.
  • The kiwi has slumped to its lowest in more than three years this week after the central bank on Wednesday stunned traders by cutting interest rates more than expected and hinting at taking rates into negative territory.

USDINR showed bullish breakouts from the crucial resistance on daily charts and closed above it. The currency pair closed around the resistance level of 71.000 sustaining above which can lead towards higher resistance range of 71.3000-72.0000. On lower side, any closing below 70.5000 may drag it further towards the psychological support mark of 70.0000.

EURINR gave positive breakouts from the bottom levels and closed near the important resistance levels on daily charts. For coming week, resistance range is still seen in range of 79.5000-80.0000 sustaining above which can further result in bullish breakouts. Support for the week is seen in range of 79.0000-78.5000.

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