Insignia Consultants
New Delhi
Tuesday, April 9, 2019
TIME: 9:10 am IST
DAILY FOREX REPORT FOR EXPORTERS AND IMPORTERS
(inter-bank prices below)
Bonds are theme in Asia. Saudi bond
issue has been fully subscribe. Chinese bond markets are intended to give
competition to USA, India and most Asian nations. US treasury yields dictating
global investment flows will soon be history. FOMC minutes and European central
bank meeting will affect currencies. I do not think that Trump threatening new
trade tariffs to European Union will affect euro in a big way. Brexit and it
related news can change the medium term outlook for euro and pound against the
US dollar.
Elections result in Indonesia will be
the key. Jokowi getting reelected will result in rupiah fall below 13500 by
early May. Thereafter Indonesian economic fundamentals will be dictate the
rupiah.
India
There will be short covering if rupee
weakens against the US dollar today. Some section of the global investors are
on the sidelines for India investment. Skymet weather forecasts last week a
below normal monsoon. A below normal monsoon is always inflationary and reduces
rural demand for goods. Interest rates will be unchanged for the next six
months in India.
US dollar-Indian Rupee (usd/inr CMP 69.7000):
One Support: 69.3925One Resistance:69.9325
o
Rupee
can rise to 69.9375 and 70.1300 as long as it trades over 69.3900-69.5000 zone.
o
Crash
will be there only below 69.5000.
UK Pound/Indian Rupee
(Gbp/inr CMP 90.1550): One Support: 90.6850
One Resistance: 91.2625
o
Cable
can rise to 91.2625 and 92.3075 as long as it trades over 90.6850.
o
Sell
off will be there only below 90.6850 till Friday.
US dollar/Japanese Yen
(usd/jpy CMP 111.38): One Support: 111.17
One Resistance: 112.04
o
Crash
till be there below 111.17 to 110.80 and 109.80.
US dollar/Indonesia Rupiah
(usd/idr CMP 14147.50): One Support: 14125.00
One Resistance: 14195.00
o
50
day moving average at 14125 is the immediate support.
o
Crash
will be there only below 14125.00.
o
Immediate
resistance is at 14174.50.
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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