The Indian rupee apreciated by 12 paise to open at 70.8025 against the US dollar after retail inflation fell to a 19-month low of 2.05% in January. Moreover, weakness in dollar against major Asian peers as market participants shifted their focus to riskier asset amid the USAuthentic Currency Tips and Trading Updates-China trade truce hopes, also bolstered the rupee’s upmove. After an eight-day winning streak, the dollar has finally pulled back, as demand for safe-haven assets weakens on signs that the U.S. federal government won’t shut down again this year.
- Kiwi rose over 1.5% against the U.S. dollar after the Reserve Bank of New Zealand said it would likely keep its key rate unchanged for the rest of the year, defying expectations of rate cuts.
- Japan Domestic Corporate Goods Price Index (MoM) below expectations -0.2% in January: Actual -0.6%.
USDINR after negative opening showed correction closed with partial gain.
Now, again it is closed near to its crucial level of 71.0000 if able to sustain above this mark it may continue bullish rally towards 71.3000.
EURINR opened with partial gain showed bullish movements closed with positive note.
80.6000 is seen as strong resistance zone for the currency pair breakout above this level give strength to it and find resistance near 80.8000.
GBPINR showed bullish movements throughout the session and closed with positive bias.
Currency pair continue positive movements if able to break its immediate resistance and find next resistance around 92.0000.
JPYINR showed correction after bearish opening closed with loss.
On higher levels 64.5000 is seen as strong resistance level for the currency pair if more correction occurs it may find resistance around it.
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