Tag: Currencies

Categories
Currencies Trading Ideas & Charts

Despite India’s lowest coronavirus mortality since April, the rupee bears recover 75.50

Even as the death toll in India declines, market mood dwindles amid covid troubles

The official covid data for India, obtained from the Health Ministry early Monday, indicated a 39,796 daily increase in coronavirus infections, bringing the total to 30.59 million. The bulletin also cites 723 covid-related deaths the day before, the lowest number since April 2008, bringing the overall number of fatalities to 402,278.

Statements from Barclays and Nomura predicting an increase in the current budget deficit could also be fuelling the quotation (CAD). According to Nomura, the CAD will grow from 0.9 percent of GDP in FY 2021 to 1.5 percent of GDP in FY 2022. Barclays is aiming for a 1.1 percent CAD figure, which appears to be a tad bullish on Indian economics.

USD/INR pair has reversed Friday’s decline from late-April highs.

Despite Friday’s mixed US jobs figures, a negative attitude and uncertainty over the Fed’s next moves keep the US dollar bought versus key currencies. However, S&P 500 futures are down 0.15 percent, while markets in Asia-Pacific are down somewhat as of press time.

Moving on, a prolonged holidays in the United States and a light schedule elsewhere may hold the USD/INR near the mid-72.00s. Any unexpected benefits from India, on the other hand, should not be overlooked.

Despite the fact that the mid-April lows test USD/INR bulls near 74.50-55, also short-term sellers are less inclined to take risks entry until the price stays above the 10-DMA level of 74.32. Overall, the USD/INR is forming a bullish rounding bottom chart pattern on the daily chart, implying additional upward towards the yearly top near 75.65.

Source: https://www.fxstreet.com/

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
Currencies Trading Ideas & Charts

5 Cryptos Outperformed Bitcoin in FY21, delivering more than 2500%

Euro currency money banknotes background. Payment and cash concept. Announced cancellation of five hundred euro banknotes. Top view.

While Bitcoin returned a remarkable 300 percent to its investors last year, it pales in comparison to the returns from the following cryptocurrencies.

Theta (CRYPTO: THETA)

Theta token is the first cryptocurrency on the list to outperform Bitcoin in terms of returns. This is a ‘governance’ token, which means that its holders have a say in the project’s development. Theta’s creators want to shake up the traditional content delivery techniques.

As advisors, the initiative has Steve Chen, co-founder of Youtube, and Justin Kan, co-founder of Twitch. During the financial year, Theta grew by 2745 percent, confirming its position as the 20th largest cryptocurrency by market capitalization, at $8.17 billion. At the moment, the token is worth $8.16.

Solana (CRYPTO: SOL)

This concept was first envisioned in 2017 and was launched earlier this year by The Solana Foundation, a Geneva-based company. Solana’s proof-of-history consensus is a crucial and appealing feature, as it allows for better protocol scalability.

Solana can process 50,000 transactions per second, according to the project’s website. During FY21, the Solana token soared 3,706 percent to $47.32 per SOL. Over the same time span, this is more than ten times the return on Bitcoin.

Theta Fuel (CRYPTO: TFUEL)

The second native token associated with the Theta video streaming project is Theta Fuel. There are 5.23 million TFUEL tokens in circulation right now. As more TFUEL is generated as ‘staking rewards,’ this amount rises.

During FY21, the value of Theta Fuel increased by 4,510 percent. An tremendous increase that far outweighs Bitcoin’s. This cryptocurrency has a market capitalization of $2.54 billion.

Dogecoin (CRYPTO: DOGE)

During the previous financial year, Dogecoin most certainly exceeded all of its investors’ expectations. Elon Musk, the CEO of Tesla Inc, boosted the dog meme-inspired cryptocurrency with a series of tweets.

The possibility of it being adopted by the electric vehicle industry spread like wildfire. Despite the fact that the frenzy has subsided, dogecoin continues to produce incredible gains. Dogecoin increased by 5,095 percent in the previous fiscal year, nearly 52 times. The cryptocurrency is now the sixth most valuable in the world.

Polygon (CRYPTO: MATIC)

Polygon (formerly known as MATIC) is an Indian blockchain scalability platform called ‘the Ethereum’s Internet of Blockchains’. Polygon states it can offer up to 65,000 transactions per second with confirmation times of less than 2 seconds.

More than 350 decentralised applications have been built on Polygon thanks to a mix of extremely low fees and additional features. In FY21, the Polygon price soared 6,760 percent due to increased use of the network and its token. That result puts Bitcoin’s 300 percent performance to disgrace.

(Source: The Motley Fool)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
Currencies Trading Ideas & Charts

In May, India Inc’s foreign borrowings fell by 51% to USD 738 million.

In May, no borrower used rupee-denominated bonds to raise cash from international markets, as in the previous month.

Among the largest borrowers were BW Global United LPG India Pvt Ltd (USD 198.41 million for capital goods imports), Renew Sun Waves (USD 140 million for new projects), and Indian Oil Corporation NSE 0.32 percent (USD 100 million for working capital requirements). According to the data, Tata SIA Airlines Ltd raised USD 110.40 million for the import of capital goods.

Source:Economic times

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.