Forex Report for Exporters and Importers: 14th September 2018
Friday, September 14, 2018
TIME: 9:40am IST
DAILY FOREX REPORT FOR EXPORTERS AND IMPORTERS
(inter-bank prices below)
US dollar weakened as CPI and PPI numbers were below market expectation. Bank of England and European central bank meeting lacked surprises. There will be short covering if the US dollar weakens against the euro and pound. Trump slight softening of china trade war stance can result in continued US dollar weakness today and into early next week.
Rupee will be volatile. Wednesday’s RBI direct intervention and verbal intervention brought the rupee down against the US dollar. Right now global weakness of the US dollar will ensure that rupee trades with a softer bias against the US dollar. Traders will prefer to be neutral (not long) for next week. Domestic and global news will be the key.
UK Pound/Indian Rupee (Gbp/inr CMP 94.1925):
One Support: 93.9375
One Resistance: 94.5225
- Cable needs to trade over 93.9375 to rise to 94.9725 and 95.5525.
- Sellers will be there below 93.9375.
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Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto currency, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani
NOTES TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
Indian Standard Time (IST): +5:30 GMT
Current Market Price (CMP)
All foreign exchange prices are for inter-bank rates.