Weekly Nifty Report for 19/August/2013 – 23/August/2013
The rupee has been at the receiving end ever since the US Federal Reserve announced possible unwinding of quantitative easing. The various measures by the government and the Reserve Bank of India to rein its fall have been ineffective so far. The rupee’s disappointing run continued today as well even as the RBI put restrictions on capital outflows. On Friday, the rupee plunged to an intraday all-time low of 62.03 per dollar. In fact, it is down 1.83 per cent over 5 days, making it the worst performing currency in Asia. Although it recovered from its intraday low during late trade, the currency closed the day at 61.65, fresh all-time closing low.
Domestic Forex markets Updates:
- Rupee at the mercy of US Fed, may weaken more.
- Strong dollar, FII sell-off to up rupee strain.
- US Dollar rallies, reversing course, doubts remain.
- Sterling trades near two-month high against dollar.
USDINR last week witnessed all time high of 62.1850 and no any correction is seen. It closed above the 100% retracement of 61.5300 and if bullishness continues then next strict resistance is seen around 161.8% retracement of 63.2500 in near term. While correction will occur only if it sustains below 60.5000.
EURINR last week crossed the resistance mark of 82.3100 and reached towards all time high of 83.0225 and also closed above it indicating the bull run to continue and leading towards new highs. On lower side, major support is seen around 81.2000 below which certain correction may be seen towards 80.7000.
Global Forex Updates:
- Dollar Rallies as Economic Data Boosts Outlook for Fed Taper.
- Brazil Real Tumbles Most in World as Mantega Says Drop Helpful.
- U.K. Pound Posts Second Weekly Gain as Economy Gathers Momentum.
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