Sentiment continues to be positive for rupee. Pakistan prime minister coming today to India suggests that the prime minister designate means business. There is speculation that the Reserve bank of India will enhance limits for outflows by resident Indians. The general feeling in India is that the Bharatiya Janta Party (BJP) prefers a stronger rupee. The benefits of a stronger currency will be there in the form of more foreign inflows. The names of the cabinet ministers will have an effect the rupee and stock markets temporarily.
The initial working of the new prime minister till the Union budget will be closely watched. The Reserve bank of India has to ensure that there is a gradual appreciation. Sharp appreciation will hurt exports.
US markets are closed today.
Usd/inr May 2014: 100 week MA at 58.15 is the key support and there will be another wave of selling only below 58.15
Euro/inr May 2014: There will be another wave of selling below 79.43 to 79.20 and 78.30. Overall trend is bearish as long as euro/inr trades below 79.90
Gbp/Inr May 2014: It can fall to 97.75 and 97.28 as long as it trades below 99.10. Today there will be another wave of selling only below 98.30
Jpy/Inr May 2014: It can fall to 57.10 and 56.35 as long as it trades below 57.80.
The initial working of the new prime minister till the Union budget will be closely watched. The Reserve bank of India has to ensure that there is a gradual appreciation. Sharp appreciation will hurt exports.
US markets are closed today.
Usd/inr May 2014: 100 week MA at 58.15 is the key support and there will be another wave of selling only below 58.15
Euro/inr May 2014: There will be another wave of selling below 79.43 to 79.20 and 78.30. Overall trend is bearish as long as euro/inr trades below 79.90
Gbp/Inr May 2014: It can fall to 97.75 and 97.28 as long as it trades below 99.10. Today there will be another wave of selling only below 98.30
Jpy/Inr May 2014: It can fall to 57.10 and 56.35 as long as it trades below 57.80.
Recommended Content
Editors’ Picks
EUR/USD holds positive ground above 1.0750 ahead of Eurozone PMI, PPI data
EUR/USD trades in positive territory for the fourth consecutive day near 1.0765 during the early Monday. The softer US Dollar provides some support to the major pair. Traders await the HCOB Purchasing Managers’ Index (PMI) data from Germany and the Eurozone, along with the Eurozone PPI.
GBP/USD rises to near 1.2550 due to dovish sentiment surrounding Fed
GBP/USD continues its winning streak for the fourth consecutive day, trading around 1.2550 during the Asian trading hours on Monday. The appreciation of the pair could be attributed to the recalibrated expectations for the Fed's interest rate cuts in 2024 following the release of lower-than-expected US jobs data.
Gold price rebounds on downbeat NFP data, softer US Dollar
Gold price snaps the two-day losing streak during the Asian session on Monday. The weaker-than-expected US employment reports have boosted the odds of a September rate cut from the US Federal Reserve. This, in turn, has dragged the US Dollar lower and lifted the USD-denominated gold.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.