After the recent announcement by India Budget 2020, Indian currency saw a slight fluctuation in the recent trend. And speaking of global events, Coronavirus outbreak was seen capturing the headlines every day and will remain on top of the bulletin for a while.
Coronavirus outbreak had a definite impact on global market including foreign currency exchange. And the impact of same was also reflected in recent trends of AED to INR currency exchange.
AED/INR was recently seen trading at 19.44 on 15th February 2020, 10:53 UTC time. The moving average is bent towards bullish trend where investors are suggested to ‘buy’ the currency pair.
The lowest and highest touch point of the month was seen at 19.296 and 19.47 respectively.
It was quite a week for the global financial markets including currency exchange with the bullish nature witnessed at the top of the zone.
Analysing the market from 1st of February, the currency pair saw the highest touch down of 19.456 on 2nd February. The value, however, dropped by 0.71% on 4th February seen trading at 19.319.
By end of first week of February, the value reversed the trend and escalated by 0.61%, seen trading at 19.437 on 7th February 2020.
By second week of February, the value of Indian currency against dirhams dropped by 0.47% to the lowest touch down on 11th February with the trading value of 19.345. In no time,
the value drove back to the bullish nature with a surge of 0.53% on 14th February 2019 with the trading value of 19.449.
Pivot Level: 19.246
And since it was relatively busy week on the economic calendar, the currency market might follow the similar trend for coming week.
The market watchers and investors are keeping their eyes open as the market is following bullish trend bringing better opportunity for them to earn profits in the currency market.
However, slight dip in the Indian rupee is also expected of the recent trend.