Rupee is at a point where it can move fifty paisa either side anytime (against the US dollar). Further weakness can be there due to (a) short covering (b) month end demand (c) There are a number of banking holidays next week. Importers could be paying up early which can add to higher demand. A break over 110 in USD/JPY will trigger knock out options and it can also cause chaos in global currency price movements. Emerging market currencies could get significantly weaker if USD/JPY trades over 110 for more than a week. USD/JPY over 110 (if any) will test the Reserve Bank of India.
There is nothing much on the global front for now.
Usd/inr October 2014 (expiry on 29th October): A break of 61.56 will result in 61.76 and 61.99. Support starts at 61.32 and there will be sellers only below 61.32.
Euro/inr October 2014 (expiry on 29th October): It needs to break and trade over 79.06 for further gains. Initial support is at 78.89 and there will be sellers only below 78.89 with 78.49 as the key support.
Gbp/Inr October 2014 (expiry on 29th October): Cable can rise to 100.96 and 101.32 as long as it trades over 100.49. There will be sellers only below 100.49 or in case cable does not break 100.96 today.
Jpy/Inr October 2014 (expiry on 29th October): It can rise to 56.96 and 57.12 as long as it trades over 56.48. There will be sellers only below 56.48 today.
There is nothing much on the global front for now.
Usd/inr October 2014 (expiry on 29th October): A break of 61.56 will result in 61.76 and 61.99. Support starts at 61.32 and there will be sellers only below 61.32.
Euro/inr October 2014 (expiry on 29th October): It needs to break and trade over 79.06 for further gains. Initial support is at 78.89 and there will be sellers only below 78.89 with 78.49 as the key support.
Gbp/Inr October 2014 (expiry on 29th October): Cable can rise to 100.96 and 101.32 as long as it trades over 100.49. There will be sellers only below 100.49 or in case cable does not break 100.96 today.
Jpy/Inr October 2014 (expiry on 29th October): It can rise to 56.96 and 57.12 as long as it trades over 56.48. There will be sellers only below 56.48 today.
Recommended Content
Editors’ Picks
AUD/USD pressures as Fed officials hold firm on rate policy
The Australian Dollar is on the defensive against the US Dollar, as Friday’s Asian session commences. On Thursday, the antipodean clocked losses of 0.21% against its counterpart, driven by Fed officials emphasizing they’re in no rush to ease policy. The AUD/USD trades around 0.6419.
EUR/USD extends its downside below 1.0650 on hawkish Fed remarks
The EUR/USD extends its downside around 1.0640 after retreating from weekly peaks of 1.0690 on Friday during the early Asian session. The hawkish comments from Federal Reserve officials provide some support to the US Dollar.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.