https://blog.gwcindia.in/wp-content/uploads/2024/03/top-trending-icon1.png Trending
What are the stocks we should invest short term in india 2023? Mutual funds SIP that is enough to accumulate ₹100 crore in 30 years Top 5 -high dividend paying companies for seamless passive income

FX – WEEKLY UPDATE :

FX – WEEKLY UPDATE :
  • By Goodwill
  • 174 Comments
  • September 11, 2023

FX – WEEKLY UPDATE :

WEEKLY SYNOPSIS: 11/09/2023

Currency Map:

Currency Pairs

WEEK CLOSE

PRIOR CLOSE

% change

USD/INR

82.98

82.67

 0.37

EUR/INR

89.15

89.62

-0.52

GBP/INR

103.93

104.64

-0.67

JPY/INR

56.50

56.79

-0.51

Brent Crude closed at USD 90.50 VS prior week close of USD 87. Gold closed at USD 1942. Nifty closed at 19819 vs prior week close of 19435. 10 Year G-SEC Yield closed at 7.19%.

Major developments: USDINR traded in the 82.63-83.22 range last week and closed at 82.98, gain of 37 ps for USD as compared to prior week close of 82.67. EUR declined 0.52% w/w and GBP declined 0.67% w/w against Rupee. Indian benchmark Equity index climbed 2.02% w/w. 10 Year G-SEC Yield closed at 7.19%. 1-year fwd premia is at 1.70% p.a.

FX reserves stood at USD 598 bn as on Sept 1 st. In Sep, FPI’S have sold Rs 5460 Cr of Equities and bought Rs 473 Cr of debt . In 2022-23 fiscal year, FII’S have net sold Rs 27593 Cr of Equities and have net bought Rs 838 Cr of debt.

Rupee recovered from 83.22 on RBI intervention. Rupee was weighed down by external developments. Rally in USD Index and decline in Yuan contributed to negative Rupee sentiment.

Indian PMI(services) was reported at 60.1. PMI(mfrg) grew at the fastest pace in 3 months at 58.6. Aug GST collections climbed 11% to 1.59 Lac Cr. Auto sales climbed 9% y/y in Aug.

Considering RBI’S proactive stance, USDINR pair could still get stuck in a tight range. However, with USD gaining against majors, the lower range of the pair could be lifted from 82.25 to 82.50 and upper range may be tolerated till 83.50/83.70 range in next few months.

Hedging advise: Imports be hedged on declined to 82.70. Exports be hedged gradually.

Global developments: USD strength seems to be intensifying as EU and UK economic situation turns gloomier.

US services data was stronger than expected, aiding further USD rally. ISM said: “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for August (54.5 percent) corresponds to a 1.6-percent increase in real gross domestic product (GDP) on an annualized basis.”

Pound declined as BOE Governor told UK Parliament that the central bank is closer to terminal rates. Further aggravating the downfall, a BoE survey unveiled a stark decline in businesses’ on-year inflation expectations, thus spotlighting intensified speculation over the path of BoE’s tightening.

ECB Governing council member said that Euro interest rates are close to peak. He added that in fight against inflation, maintaining rates for a sufficiently long period now counts for more than further significant rises”.

US and Asian markets were down as tech stocks declined steeply following Chinese direction to Govt employees to avoid using Apple Phones. US law makers pressed for curbs on export of technology to China.

German economic research institute, DIW, is projecting a -0.4% dip in the nation’s economic output for the year. This downturn is primarily attributed to sluggish domestic consumption and a falter in export dynamics, exacerbated by a slowed Chinese economy.

Higher Oil prices remain a matter of deep concern. Oil prices pushed higher as Saudi and Russia extended voluntary Oil output cuts till Dec end. This could impact inflation and result in fiscal tightening. US 10 Year Yield pushed higher to 4.26%.

Technically, EURUSD is on the verge of breaking 200 day moving average support. If that happens, EURUSD could decline to 1.06 initially. GBPUSD is still above 200 day average, which is now at 1.2450. Expect GBPUSD to break the crucial 1.2450 support zone and fall into bear territory.

Currency technical levels: USDINR: 82.86/82.70 (Supports), 83.30/83.47 (resistance),

EURINR:89.90(Resistance),87.50(Support),

GBPINR: Supports: 102( supports), Resistance:105.50(Resistance).

JPYINR: Resistance:57.75, Supports: 54.50 (support).

Hedging advise: USDINR imports be hedged at 82.70 on decline. EUR and GBP exports can be covered on rally to 89.75 and 105+ respectively. 

 Click to open an Account : https://ekyc.gwcindia.in/client/

For all your investment needs feel free to reach us.
Give us Missed Call us on 90037 90027 . For Support : 044-40329999

Comments

  1. Hulu ad blocker
    December 23, 2023
    Reply

    Thankyou for share the blog.
    Hulu ad blocker is a browser extension that helps block advertisements while streaming content on the platform, it prevents ads from playing during TV shows, movies, and series that allow you to watch your favorite programs and shows without any disruptions.

  2. YouTube party
    December 23, 2023
    Reply

    Thankyou for share the blog.
    Look no further than a YouTube party! Enjoy YouTube with your friends, or loved ones, no matter where you are. Use live chats, videos, and calls to talk and have fun together. Youtube watch party is like having your own showtime parties, even if you’re far away!

  3. amazon prime watch party
    December 23, 2023
    Reply

    Thankyou for share the blog.
    Let’s party now with Amazon Prime Watch Party, you and your friends can watch Prime Video together. No matter how far apart you are, have a blast with synced videos, chatting together, and even making video calls while using your favorite streaming site.

  4. twitch ad block
    December 29, 2023
    Reply

    Twitch ad blocker is a helpful tool that stops ads from appearing when you watch live streams on Twitch, it prevents all those annoying ads from showing up in between, So it’s time to install the extension to broadcast live streams in a hassle-free manner.

  6. Adblock
    February 17, 2024
    Reply

    adblock chrome | Artık en sevdiğiniz filmi bozan tüm gereksiz reklamlara veda etme zamanı. En sevdiğiniz şovların ve dizilerin keyfini reklamsız çıkarmak için adblock chrome’u indirmeniz yeterli. Adblock olarak Chrome,youtube reklam engelleyici chrome,
    her türlü reklamı engeller ve en iyi akış deneyimine sahip olmanızı sağlar.

  7. brezplacen racun na binance
    March 11, 2024
    Reply

    Your point of view caught my eye and was very interesting. Thanks. I have a question for you.

  73. JamieMow
    March 26, 2024
    Reply

    п»їlegitimate online pharmacies india: indianpharmacy com – top 10 online pharmacy in india

  77. Edwardzer
    March 27, 2024
    Reply

    https://gatesofolympus.auction/# gates of olympus demo free spin
    pin up casino giris [url=https://pinupgiris.fun/#]pin-up bonanza[/url] pin up casino indir

  80. Edwardzer
    March 28, 2024
    Reply

    http://sweetbonanza.bid/# sweet bonanza bahis
    sweet bonanza yasal site [url=https://sweetbonanza.bid/#]slot oyunlari[/url] sweet bonanza 90 tl

  82. Edwardzer
    March 28, 2024
    Reply

    http://slotsiteleri.guru/# deneme bonusu veren siteler
    aviator sinyal hilesi ucretsiz [url=https://aviatoroyna.bid/#]ucak oyunu bahis aviator[/url] aviator bahis

  87. Edwardzer
    March 29, 2024
    Reply

    http://pinupgiris.fun/# pin up 7/24 giris
    pin-up bonanza [url=https://pinupgiris.fun/#]pin-up online[/url] pin up

  90. Edwardzer
    March 29, 2024
    Reply

    http://slotsiteleri.guru/# bonus veren casino slot siteleri
    guvenilir slot siteleri [url=https://slotsiteleri.guru/#]en iyi slot siteleri[/url] deneme veren slot siteleri

  93. Edwardzer
    March 30, 2024
    Reply

    https://pinupgiris.fun/# pin up casino
    gates of olympus max win [url=http://gatesofolympus.auction/#]gates of olympus taktik[/url] gates of olympus oyna demo

  126. ChaseSmuth
    April 8, 2024
    Reply

    mexico drug stores pharmacies: mexican rx online – best online pharmacies in mexico

  146. Registro
    April 13, 2024
    Reply

    Your article helped me a lot, is there any more related content? Thanks!

  147. Williamnug
    April 13, 2024
    Reply

    Abortion pills online: cytotec online – buy cytotec over the counter

  152. Bryanemurl
    April 14, 2024
    Reply

    where to buy generic clomid: cheap clomid tablets – cost generic clomid without a prescription

Leave a Reply

Your email address will not be published. Required fields are marked *