The Rupee depreciated by 7 paise to 67.42 against the dollar in early trade today on increased demand for the US currency from importers. Dollar strengthening against other currencies overseas ahead of closely watched meetings this week at the US and Japanese central banks weighed on rupee sentiment.
The Yen rose sharply on Tuesday after a drop in oil prices hit confidence and as investors await the outcome of US and Japanese central bank meetings. Fed concludes its gathering on Wednesday and it is not expected to make any big announcement.
- Yen at 2-wk high as Japanese stimulus expectations dialled back.
- Yuan firms against dollar but weakens against currency basket.
- United Kingdom BBA Mortgage Approvals registered at 40.1K, below expectations (40.2K) in June.
USDINR opened higher above the immediate resistance but could not sustain above it as it gradually dragged during the session.
It needs a closing above 67.4000 to gain strength while nearest support from current levels is 67.0000.
EURINR moved higher against the previous close and sustained higher.
Trend for the counter is still weak so sell on highs can be seen where resistance is seen around 74.3500 while support at 73.7000.
GBPINR again moved in the same range as of previous session and closed on a flat note with negative bias.
Now, on daily charts 87.8000 is still acting as key support from current levels for the pair while 89.3000 may resist it to move north wards.
JPYINR opened higher and crossed the resistance range of 63.8500 and moved towards the next resistance mark.
If it maintains above 64.7200 then further up move can be seen while 63.8000 will now act as important support for the pair.
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