Currency Weekly Report for 22/April./2013 – 26/April./2013

The rupee strengthened on Thursday with the underlying sentiment remaining bullish on the back of growing rate cut hopes from the central bank’s upcoming annual monetary policy on May 3. Sharp gains in the domestic share market following the better-than-expected trade data also aided sentiment. India’s exports fell 1.8 per cent in the 2012/13 fiscal year, the trade ministry said on Thursday, but they were up for the third straight month in March, offering some relief to the record current account deficit.

Domestic Forex Updates:

• Rupee strengthens as trade data, share rise boost.
• Chinese yuan closes up after speculation about band widening.
• Dollar, euro rise one percent on day versus weaker yen.
• Swiss franc up against yen ahead of G20 meeting.

USDINR

USDINR on its weekly charts is moving in a triangle pattern and found strong support near its lower band near 53.7500. It has constantly faced resistance around 55.0000 level. In the coming week if it gives closing below 53.7500 then bear trend can follow and next major support is seen around 53.1000.

EURINR

EURINR did not hold on higher levels and closed on a negative note. On lower side, 70.0000 is seen as major support around the trend line on weekly charts from where reversals can be seen. If some correction takes place then resistance range is seen around 71.4000-71.8000.

Global Forex Updates:

• Yen Declines as G-20 Gives Japan Leeway on Stimulus; Pound Falls.
• Asian Currencies Set for Best Week in Seven Months on Inflows.
• U.K.’s Top Credit Grade Cut by Fitch on Economy, Fiscal Outlook.

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