weekly Forex Report(9 TH
Rupee slide may resume as US jobs lower than expected.
The rupee closed at 55.42 to the US dollar, down 0.9% from the previous
close of 54.95. It swung in a range of 54.25 to 54.68 with high volumes
that made the RBI step in to reduce the volatility
Standard Chartered upgrades rupee; says India may miss fiscal target
Rupee gain: RBI announces fresh measures to boost dollar inflows.
Standard Chartered upgraded its short-term rating for the rupee to
"neutral" from "underweight", and revises its end-September forecast to
56 from previous forecast of 57.50, adding the cross has "likely" hit the
high for the year
India's forex reserves rise to $289.99 billion: RBI
India's foreign exchange reserves rose to $289.99 billion as of June 29,
from $288.63 billion in the previous week, the central bank said in its
weekly statistical supplement on Friday
Euro falls to 2-year low against US dollar.
The euro has lost 3.08 percent against the dollar this week, and at current
prices is on track for its worst weekly performance since the week ended
Sept. 11. The dollar is down 0.27 percent against the yen.
Weekly trends of the market
EUR/USD sideways ahead of US nonfarm payrolls:
Ahead in the American session is the nonfarm payrolls report, with
expectations of improvement from 69K to 90K in June
Rupee expected to weaken, Gold, Silver to be impacted
Indian Rupee is expected to weaken against US dollar index on risk aversion
in global markets. India’s Reserve Bank would announce the foreign
exchange reserves data for the week on Friday
India Rupee to depreciate on rising dollar index
Rupee is expected to depreciate on account of rise in risk aversion in the
global markets which will lead to rise in demand for DX and add pressure
on the Rupee. Additionally, dollar demand from the oil importers will also
act as a negative factor for the currency.
The Australian dollar was pressured by euro zone concerns as well as a dovish quarterly
statement from the Reserve Bank of Australia and data showing a slump in Chinese
The dollar also fell against the high –yielding Australian and New Zealand dollar, with the
Australian dollar hitting a three month peak at $0.9108.
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