Insignia Consultants
New Delhi
Thursday, August 23, 2018
TIME: 9:15 am IST
DAILY FOREX REPORT FOR EXPORTERS AND IMPORTERS
(inter-bank prices below)
US dollar pared some of its weekly losses after FOMC minutes
confirmed of two more interest rate hikes this year. There have been a lot of
developments between the previous FOMC meet and now. Trump and his political
problems, US-Turkey trade spat, US-China trade talks this week have been
affecting currency markets. Fundamentally the US dollar should gain further.
Other than fundamentals, all the other factors whenever they have the upper
hand will result in sinking of the US dollar. US economic data release today
include new home sales. Australian political turmoil will effect Asian
currencies. Momentum is still bullish for the US dollar. Trend in currency
markets can keep on changing every now and then till 10th September.
Better to remain on the sidelines till Monday.
India
Month end factors will come into play. Spot value date is 27th
August. There is demand at lower prices. Global factors will dictate rupee.
Domestically, there is caution among short term traders and investors on the
economy. Inflation will be cause of concern. The next seven days is very
crucial for the rupee from a short term trend. One Support: 80.6825
One Resistance: 81.1925
o
Only
a break of 81.1925 will result in a rise to 81.4775 and 81.8575.
o
Sellers
will be there only below 80.6825.
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FAQ
Why Do I ask exporters
and importers to use trailing stop loss? Some
day’s currency markets are very volatile. Trend (short term as well as medium
term) change at the flick of coin without any advance warning. In order to make
the most of the volatility it is preferable to use trailing stop loss using
technical analysis as basis. Those exporters and importers do not wish to take
the risk, should take a forward cover or hedge in future and options market if
export or import price near cost.
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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