The Rupee weakened by 12 paisa and opened at 67.5150 and as session progressed, it hovered in the range of 67.8200 and 67.5150 against the US Dollar following sustained bouts of dollar demand from importers and banks. Despite the US dollar index surging once again above the 94 level the day before, the dollar dropped marginally against rival currencies. Political turmoil in Italy also hurt investor’s risk appetite.To seek safety, investors moved their money away from the euro and into the anti-risk yen.
• European Monetary Union M3 Money Supply (3m) down to 4% in April from previous 4.2%.
• Italy Consumer Confidence below expectations (116.5) in May: Actual (113.7).
• Switzerland Trade Balance came in at 2289M, above forecasts (2230M) in April.
USDINR showed positive movements closed around its resistance zone.
Form strong consolidation around its intraday resistance suggesting positive movements above it and may find resistance near 68.3000.
EURINR unable to sustain on higher levels showed correction closed with partial gain.
If continue negative movements than it may find support around 78.4000 below which it is more bearish. On higher levels 79.0000 is resistance for it.
GBPINR showed sideways movements after positive opening closed with bullish bias.
Closing above psychological level may give some positive movements in it towards 90.8000. On lower levels below 90.0000 it may give negative movements. JPYINR showed bullish movements throughout the session closed with gain.
Immediate support for the currency pair is seen around 62.5000 below which it may give correction. Contrary 63.0000 is act as strong resistance for it.
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