{"id":17676,"date":"2026-05-11T10:10:01","date_gmt":"2026-05-11T04:40:01","guid":{"rendered":"https:\/\/www.gwcindia.in\/blog\/?p=17676"},"modified":"2026-05-11T10:10:01","modified_gmt":"2026-05-11T04:40:01","slug":"fx-weekly-update-22","status":"publish","type":"post","link":"https:\/\/www.gwcindia.in\/blog\/fx-weekly-update-22\/","title":{"rendered":"FX – WEEKLY UPDATE :"},"content":{"rendered":"

Weekly SYNOPSIS: 08\/05\/2026<\/b><\/p>\n

Currency Map:<\/b><\/b><\/p>\n\n\n\n\n\n\n\n\n
Currency Pairs<\/b><\/td>\nWEEK \u00a0CLOSE<\/b><\/td>\nPRIOR WEEK CLOSE<\/b><\/td>\n% change<\/b><\/td>\n<\/tr>\n
USD\/INR<\/b><\/td>\n94.47<\/b><\/td>\n94.92<\/b><\/td>\n-0.47<\/b><\/td>\n<\/tr>\n
EUR\/INR<\/b><\/td>\n110.92<\/b><\/td>\n111.06<\/b><\/td>\n-0.12<\/b><\/td>\n<\/tr>\n
GBP\/INR<\/b><\/td>\n128.31<\/b><\/td>\n128.19<\/b><\/td>\n\u00a0<\/b><\/td>\n<\/tr>\n
JPY\/INR<\/b><\/td>\n60.24<\/b><\/td>\n59.28<\/b><\/td>\n1.61<\/b><\/td>\n<\/tr>\n
 <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Brent Crude closed at USD 102 VS previous week close of USD 114. Gold closed at USD 4714. Nifty closed at 24176 vs prior week close of 23997. 10 Year G-SEC Yield is now at 6.98%.<\/span><\/b><\/b><\/p>\n

Major developments<\/span><\/b>: USDINR traded in the 94.10-95.44 range last week, and Rupee climbed against USD. EUR declined 0.12% w\/w and GBP closed flat against Rupee.\u00a0<\/span><\/b>USDINR fwd premia closed at 3% for 1 year.<\/span><\/b><\/p>\n

Indian benchmark Equity indices climbed 0.62% w\/w. 10 Year G-SEC Yield closed at 6.98%.<\/span><\/b><\/p>\n

<\/a>FX reserves stood at USD 690.7 bn, as on May 1st. Reserves declined USD 7.8 bn w\/w.<\/span><\/b><\/a><\/p>\n

In May, FII\u2019S have sold Rs 6209 Cr of Indian Equities and have sold Rs 814 cr of debt.<\/span><\/b><\/p>\n

Rupee gained to 94.10 as US- Iran inched closer to a deal. US may lift naval blockade and Iran will allow passage in Hormuz. Rupee also gained as there are reports that RBI may allow states to raise USD denominated bonds. RBI may also raise FCNR(B) deposits at attractive rates. It seems that RBI is determined to use other policy measures than direct intervention to curd Rupee fall.<\/span><\/b><\/p>\n

Focus is on CPI data.<\/a><\/span><\/b><\/p>\n

Technically, USDINR has supports at 94.20\/93.75 levels.<\/span><\/b><\/p>\n

<\/a><\/a>Hedging advise<\/b>: Hedging be done according to policy objectives.<\/b><\/p>\n

Global developments<\/a><\/a><\/a><\/a>:<\/span><\/b>\u00a0<\/a><\/a><\/a><\/a>USD was under pressure, US and Asian indices climbed and US 10 Year yield retreated to 4.35% as US economy remained resilient to Oil impact and the outlook that Iran situation is getting contained.<\/span><\/b><\/p>\n

Markets are positioning for a US-Iran peace deal and reopening of shipping routes. However, cross fires in Hormuz is sending mixed message. Oil prices are close to USD 100 and is awaiting further clues on how the peace deal will finally bring an end to war. US investors bought into AI theme further, and tech laden indices climbed ignoring Middle east impact. Asian markets like Nikkei and Kospi also climbed.<\/span><\/b><\/p>\n

US non farm payrolls<\/span><\/b>\u00a0increased by 115k during the month, comfortably above consensus forecasts near 60k, while March payrolls were revised higher from 178k to 185k. The unemployment rate held steady at 4.3%.<\/span><\/b>\u00a0Average hourly earnings rose 0.2% mom for a second consecutive month, undershooting expectations for a 0.3% increase. On an annual basis, wage growth ticked up from 3.4% yoy to 3.6% yoy.<\/span><\/b>\u00a0Under the current backdrop, market odds remain strongly in favor of no Fed action over the near term, with the probability that rates are held steady this year still sitting at over 70%<\/span><\/b><\/p>\n

USD was under pressure as investors returned to risky assets.<\/span><\/b><\/p>\n

Gold and Silver rallied and is expected to fresh momentum later this year.<\/span><\/b><\/p>\n

Currency technical levels<\/b>: USDINR: 94.20(support) , (Resistance)94.70\/94.90\/95.25<\/b><\/p>\n

EURINR:110.35(Support),\u00a0 (Resistance): 112.35<\/b><\/p>\n

GBPINR: Supports: 127.50(supports), Resistance:130.85<\/b><\/p>\n

JPYINR: Resistance:61.30\/62.25 Supports: 60\/58.50 (support).<\/b><\/p>\n

 <\/p>\n

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<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Weekly SYNOPSIS: 08\/05\/2026 Currency Map: Currency Pairs WEEK \u00a0CLOSE PRIOR WEEK CLOSE % change USD\/INR 94.47 94.92 -0.47 EUR\/INR 110.92 111.06 -0.12 GBP\/INR 128.31 128.19 \u00a0 JPY\/INR 60.24 59.28 1.61         Brent Crude closed at USD 102 VS previous week close of USD 114. Gold closed at USD 4714. Nifty closed at […]<\/p>\n","protected":false},"author":5,"featured_media":17677,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"_acf_changed":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-17676","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-currency-update","post_format-post-format-image"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/17676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/comments?post=17676"}],"version-history":[{"count":2,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/17676\/revisions"}],"predecessor-version":[{"id":17679,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/17676\/revisions\/17679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media\/17677"}],"wp:attachment":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media?parent=17676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/categories?post=17676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/tags?post=17676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}