Currency Weekly Report for 20/May/2013 – 24/May/2013

The dollar rose against a basket of currencies on Friday, hovering near a 10-month high as debate over whether the Federal Reserve would wind down its asset buying programme later this year gathered pace. There was good dollar demand from importers as well, while exporters stepped up sales of the greenback near 54.90-55.00 level. The index of the dollar against six major currencies was up 0.4 %. The US dollar approaches a 10-month high against a basket of currencies after a regional Fed Reserve chief said the US central bank could begin sharpening the high-yielding Aussie’s fall.

Domestic Forex Updates:

Rupee edges down tracking broad dollar gains; shares limit fall.
Sterling falls to 6-week low versus firmer dollar.
Yuan ends up vs dollar, PBOC signals further appreciation.
Swiss franc falls vs dollar as Federal Reserve hints at stimulus exit.

USDINR

USDINR on its daily charts moved around the trend line acting as resistance for the whole week where 55.2000 is still acting as resistance. If it surpasses this resistance level then it may lead towards 55.4500-55.6000. While weakness is considered only if it holds below 54.6000 where 54.3000 is seen as next support for it.

EURINR

EURINR on weekly charts is consolidating around the trend line acting as strong support for long. Further bearishness may find its major support in the range of 70.4000-69.8000. If it holds above 71.6000 then only some up move may lead it towards the next resistance of 72.1000.

Global Forex Updates:

Russian GDP Growth at 1.6% as Economy Weakest Since 2009.
Denmark Shelves Euro Goal Indefinitely as Crisis Scars Last.
Pound Declines to Six-Week Low Versus Dollar on Fed Speculation.

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