Weekly Currency Report for 04 Feb. 2013 - 08 Feb. 2013
The rupee closed marginally stronger on Friday and
strengthened for a fourth straight week with dollar inflows into the
domestic share and debt markets boosting the local unit with traders now
awaiting the US non-farm payrolls for direction. Foreign funds have
bought more than $4.5 billion worth of shares and debt in Jan helping
the rupee gain 3.3%, making it the best performing Asian currency. The
foreign exchange reserves of the country rose by $ 77.6 million to $
295.75 billion for the week ended January 25 in the wake of increase in
currency assets. Foreign currency assets expressed in US dollar terms
include the effect of appreciation or depreciation of the non-US
currencies.Domestic Forex Updates:
- Forex reserves rise to $ 295.75 billion.
- Dollar index falls to 3-1/2 month low.
- Rupee up for fourth straight week; more gains likely.
- Swiss franc lower vs euro, regional output data eyed.
USDINR is resisting near 200 day EMA around 53.9500 last week and closed below it. On weekly charts it is getting strong support at the trend line as showed above. If it breaks this trend line then near term support is seen around 52.7000. Strength can be observed only if it holds above the range of 54.0000-54.2500.
EURINR
EURINR is running in bullish phase and mainly moved in the range of 72.9000-72.2000 last week. This positive momentum is expected to continue if it holds above the level of 73.0000 from where it may lead towards new highs. While 72.0000 will act as strong support for the coming sessions.
Global Forex Updates:
- Dollar Drops to 14-Month Low on U.S. Jobs; Yen Slides.
- Euro Rallies to Highest Since 2011 as ECB Balance Sheet Shrinks.
- Canadian Dollar Rallies for First Time in 3 Weeks on GDP Gain.
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