WEEKLY FOREX TECHNICAL REPORT 07 APRIL TO 11 APRIL 2014
The rupee ended stronger on Friday after trading weaker for most part of the session on the back of a retreat in domestic shares from record highs. Lack of large demand and foreign bank selling in late trade helped the rupee notch up some gains. The week, however, was volatile and was also marked by heavy dollar buying by the central bank looking to replenish its foreign exchange reserves and slow down the rise in the rupee. Latest data showed foreign exchange reserves rose by $5.04 bn to $303.67 bn in the week. Sentiments are cautious ahead of India’s five-week general elections set to kick off.
Domestic Forex markets Updates :
- Rupee off lows as foreign banks sell Dollars.
- Sterling on weaker run after data, dollar gains.
- Yuan weakens but stabilises for week on PBOC guidance.
- Euro weakens in Asia after Draghi comments.
USDINR last week strongly rebounded from deeper supports as it violated 60.0000 mark and moved towards 23.6% retracement and closed the week on a flat to positive note. If it sustains above 60.7500 then some upmove is expected and next resistance zone is seen near 61.0000-61.2500. On lower side, major support is seen around 59.9500 from current levels.
EURINR last week also traded around the major support 82.8500 and closed around it. Strength can be seen if it holds above the resistance of 83.6000 and it may lead towards the higher resistance around 84.0000 mark. On the other hand if bearishness continues then immediate support is seen at 82.4000 below which selling pressure may increase.
Global Forex Updates:
- Brazil Real Rises Most in Emerging Markets on Rollovers.
- Canadian Dollar Climbs to Strongest in Six Weeks on Jobs Growth.
- Mexico’s Currency Advances Most in Two Months on Export Outlook.