Indian rupee weakened after first day gain and closed with flate note last week. Currency awaited US tax reforms and the possible appointment of a hawk as Fed chair. Dollar is more positive as US tax plan but also depends upon some strong economic data which will support for more upward breakout. Also interest rates hike expected third time this year by Federal Reserves. Capital outflow sustained and strength of dollar against other major currencies predominantly weighed on domestic forex market sentiments. Premium of dollar drifted as good receiving from exporters.
• Dollar edges up as Fed, tax reform news awaited.
• Sterling drifts higher before Carney, inflation data.
• Dollar strengthens on talk of more hawkish Fed chair.
• Yuan firms as China’s congress begins, market ignores weaker fixing.
• Asian currencies dip on Fed speculation, peso rises.
• Sterling slips to six-day low after UK wages data.
• China FX regulator expects more stable foundation for yuan after party congress.
• China central bank says yuan’s reserve currency role will gradually emerge.
• Higher U.S. yields push dollar up for a fifth day.
• Sweden, Norway currencies seen surging against euro, dollar in 2018.
• Euro hits one-week high on upbeat data.
USDINR pair recovered from its lower level and given downward slopping trend line break out which indicate further good upside movement. It has major resistance level of 65.2000 if its price manages to hold above this level then it can move toward next resistance level. 64.8500 is crucial support zone.
EURINR pair bounce back from its lower level after sharp fall and forming higher high pattern. For upcoming week 76.8500 act as an important resistance level above this mark it can continue its northward journey. 76.4000 is important support level.
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