Forex Report for Exporters and Importers: 5th November 2018

Insignia Consultants

New Delhi

Monday, November 5, 2018

TIME: 09:47 am IST

DAILY FOREX REPORT FOR EXPORTERS AND IMPORTERS

(inter-bank prices below)

Trend for cable is bullish. US midterm election tomorrow and FOMC meeting on Thursday will decide the direction of the US dollar. Right now, trend for the US dollar index is down. December interest rate hike by the Federal Reserve is more or less a done deal after October’s nonfarm payroll numbers. Caution prevails over the pace of interest rate hike next year by the Federal Reserve. As long as crude oil price trade with a softer bias, emerging market currencies will gain against the US dollar. However do not expect very gains for rupiah as Indonesian central bank will buy up surplus US dollars to boost forex reserves.

India

A medium term top has been formed in the rupee last week. Trend is down. Sellers will have the upper hand. Exporters and short sellers will continue to sell on rise. Big demand is not there. Importers will be on the sidelines. Direction of crude oil price and US dollar will be the key. Near term traders need to remain on the sidelines. 

Euro/Indian Rupee (Euro/inr CMP 82.4875):

One Support: 82.0850

One Resistance: 83.8950

  • Trading range will be wide till tomorrow.
  • There can be pullback rallies to 82.8950 and 83.3425 as long as it trades over 82.0850.
  • Crash till Friday will be there only below 82.0850.

Japanese Yen/Indian Rupee (Jpy/inr CMP 63.9500):

One Support: 65.8225

One Resistance: 64.4225

  • Crash for the rest of the November will be only below 63.1350.
  • In case yen/inr does not fall below 63.1350 in November, then it will rise to 65.7600 and 66.0200.

US dollar/Indonesia Rupiah (usd/idr CMP 14977.10):

One Support: 14885.00

One Resistance: 15023.30

  • Rupiah can fall to 1488 and 14802.20 this week as long as it trades below 15023.30-15067.10 zone.

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.

 

 

 

 

 

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