Remitly, backed by Jeff Bezos has started providing payments services to India. Now, with Remitly it has become easy to send money from the US to India in mere span of minutes. With the start of the Remitly services in India, it has instantly lit over $11 billion market with aggressive evaluation and Forex rates.
In the online trading arena EUR/USD is a highly popular choice. No wonder – these are two strong currencies and numerous traders worldwide are constantly following their price changes. It is very important for traders to be able to stay up to date with their assets, yet not all of us can site 12 hours a day in front of the computer and constantly monitor the ups and downs of the exchange rates
The Reserve bank of India in its recent monitory polciy review (FEB 3rd) revised the limit under Liberalised Remittance Scheme (LRS) to $250,000 per person per year. Earlier (June 2014) RBI had increased the Forex remittance from 75,000USD to 125,000 USD
If you are a regular reader of my articles, then you know “I hate technical indicators”. They are a derivative of price action, nothing more than a mathematical complex paralysis. My clients frequently question me-“Hey do you use any indicator”? Most probably my reply will be no-because majority of you guys know, I am a pure Price action trader!
USDINR spot on last friday closed at 61.37 which is a two week low. Yen fell to a seven-year low against the dollar on Friday as the Bank of Japan surprised financial markets by significantly expanding its massive stimulus programme which is followed by global rally in the market.
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Currently both USDINR and Gold maintains a medium term buy mode. And the support zone comes around 59.55/Dollar and 1260.6 respectively. Outlook will turn bearish if the support zone breaks on the Daily Charts.
BSE in its latest circular stated that it will start levy Transactional Charges for Currency Derivatives(Futures and Option Contracts).The charges will be increased in a phased manner from Rs2 per crore from 1 December to Rs10 from 1 October, 2015.
USDINR on the daily charts very recently turned to long term buy mode since 16th June 2014. Currently the EOD support comes near to 59.06. USDINR will turn to long term sell mode if the support levels breaks on the weekly charts.
To Commemorate Diamond Jubilee of Coir Board the Reserve Bank will soon put to circulation Rs 10 denominated coins on the occasion of diamond jubilee of Coir Board. “The Government of India has minted the above mentioned coins which the Reserve Bank of India will shortly put into circulation.” the RBI said in its press release yesterday.
USDINR on the daily charts is in long term sell mode since Sep 2013. Currently the EOD resistance comes near to 60.49. USDINR will turn to long term buy mode if the resistance levels breaks on the upper side.