Currency Report for Exporters and Importers :30th August 2018

Insignia Consultants

New Delhi

Thursday, August 30, 2018

TIME: 9:18 am IST          

DAILY FOREX REPORT FOR EXPORTERS AND IMPORTERS

(inter-bank prices below)

Euro and pound are bullish against the US dollar. Unless yen breaks 112.60 in September, chances of a fall to 105.80 will be very high. Sweeting of proposed European Union-UK brexit deal should result in more gains for cable. Next week is a big US economic data release week. There can be more sell off in the US dollar Index before the key US economic data release. Monday US markets are closed. Traders will start taking positions for Tuesday.

India

Spot Value Date is Tuesday (4^th September) as US markets are closed on Monday. Rupee continues to weaken on demand and nothing else. There is demand from all areas. Importers, oil companies, defence are all covering their payables. Exporters have already sold off. Kerala floods will result in higher NRI flows in India as global Indians remit money for a noble cause of relief for the state. I do not foresee 72.00 being breached in September for usd/inr. RBI will defend 72.00. Unless the US dollar Index breaks and trades over 96.00 on or after 10^th September, 72.00 should be the medium term top for usd/inr. I just hope Chinese imports are reduced in pre festival month of September. Most of the festival imports will be done between September and early October.

In case 72.00 is breached on or before 10^th September, then sky will be limit.

Japanese Yen/Indian Rupee (Jpy/inr CMP 63.4100):
One Support: 63.1400
One Resistance: 63.5650

o      Only a break of 63.5650 will result in 63.9900 and 64.1950.

o      Sellers will be there below 63.1400.

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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.