The Indian Rupee depreciated by 4 paise to open at 68.9200 and swing around in the range of 68.9550 and 68.7650 throughout the day against the American currency on account of month-end dollar demand amid weakness in the domestic bourses in early trade. Fresh foreign fund outflows also weighed the sentiments down. Apart from this, the rupee sentiment was also hit as traders turned cautious ahead of the RBI monetary policy committee’s (MPC) meet outcome, scheduled tomorrow.
• India Federal Fiscal Deficit, INR rose from previous 3454.93B to 4290.33B in June.
• European Monetary Union Unemployment Rate in line with expectations 8.3% in June.
• European Monetary Union Gross Domestic Product s.a. (QoQ) registered at 0.3%, below expectations 0.4% in 2Q.
USDINR showed sideways to negative movements closed with partial loss.
Sustaining below its support level may give more correction in currency towards its dipper support of 68.5000. On higher level 69.0000 is strong resistance for it.
EURINR showed positive movements sustain on higher levels closed with gain.
Now, 80.8000 is immediate support for the currency pair opening above this level may take it towards next resistance zone of 81.3000. GBPINR found support on lower levels showed positive movements closed with positive bias.
Currency pair break resistance of 90.7000 but unable to hold this level, if sustain above it then continue bullish rally towards 91.0000. JPYINR showed negative movements sustain on lower levels closed with loss.
Closing below its support suggesting more selling pressure in it and may drag towards its next support level of 61.4000. On upward side 62.0000 is act as resistance.
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