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The rupee posted its biggest single-day fall in four months on Friday, as the dollar’s strength against global currencies and demand from oil and gold importers offset gains in domestic shares that have been driven by strong foreign flows. The drop led the currency to post its biggest weekly fall in six months. The yen slid to a four-year low against the dollar on Friday after better U.S. data sparked talk the Federal Reserve may scale back monetary easing and signs emerged that Japanese investors were buying more foreign assets. Domestic Forex Updates: Foreign exchange reserves decline $2 bn on fall in gold’s value. Rupee falls most in 4 months on global dollar strength. Yuan ends weaker on global dollar rally, uptrend still seen intact. Sterling hits near 4-year high against yen. USDINR USDINR on its daily charts remained bullish last week and resisted near the trend line around 54.9000. If this bullishness continues then stiff resistance is seen near 55.2000 from where reversals are expected. While if it falls below 54.6000 then bears may drag it towards the lower band of symmetrical triangle pattern around 54.1000. EURINR EURINR on weekly charts is moving on upper band of the channel pattern and is expected to give the breakout above this and may lead towards resistance range of 71.8000-72.0000. If some correction occurs then strong support is seen around 70.4000 for the coming week. Global Forex Updates: Canadian Currency Weakens as U.S. Economy Overshadows Recovery. Yen Extends Drop Past 101 Per Dollar After Bonds Data. Kuroda Says BOJ Easing Isn’t Aimed at Manipulating Rate of Yen. Stock Tips Commodity Tips Mcx Tips


Weekly forex tips 13 may 2013