Results for: Forex Market

The Indian rupee experienced a narrow range of fluctuation before marginally rising by 1 paisa against the US dollar on April 24th, settling at 83.30. The strengthening support from positive domestic equities was offset by the rising value of the American currency. Forex traders attributed this movement to elevated crude oil prices and substantial foreign fund outflows in the global market, which dampened investor sentiment. Additionally, geopolitical tensions in the Middle East added uncertainty to the market outlook.

Traders remain cautious in the foreign exchange market, particularly regarding the USD/JPY pair. Speculation about potential intervention by the Bank of Japan (BOJ) is deterring aggressive activity, as traders await further guidance on Friday. The Australian dollar (AUD) has made slight gains, but AUD/USD remains limited. Analysts advise caution due to the high risk associated with yen trades. As traders observe the market, a gradual rise in prices is expected, potentially reaching 155.00. However, profit-taking and a possible overshoot could trigger intervention by Japan.