The Rupee was trading lower by 18 paise at 66.90 against the US dollar in early trade today on higher demand for the American currency from importers and banks amid a lower opening in the domestic equity market.
The New Zealand dollar surged to its highest level in more than a year on Thursday after the Reserve Bank of New Zealand made smaller interest rate cuts than some had expected, forcing them to unwind their bets on more aggressive easing. As a result, the New Zealand dollar rose to $0.7351, its highest level since May 2015.
- Kiwi hits 1-year high after RBNZ rate cut falls short of expectations.
- Korea intervention hits won; ringgit leads Asia FX losses.
- In July 2016, French consumer prices decreased by 0.4% over a month.
- Italy Consumer Price Index (YoY) in line with expectations.
USDINR did not held below the key supports on daily chart and finally closed higher above the previous close.
It may gain momentum till it sustains above the resistance of 67.0000 and may lead towards the next resistance of 67.3000 whereas 66.8000 is seen as immediate support.
EURINR dropped from higher levels and closed the session in red territory.
On daily charts, it strictly resisted around 100 day EMA i.e. around 75.0000 and selling pressure is expected to continue towards the support range of 74.5500-74.3500.
GBPINR further dragged down and closed above the support level as seen on daily chart.
On lower side, if it breaches the support of 86.6500 then it may further drop down to deeper support levels whereas 87.6000 is seen as important resistance.
JPYINR traded sideways for the entire session and finally closed on a flat note.
It may move towards the resistance of 66.5500 till it sustains above the mark of 66.0000. Strong support is still seen near 65.4500.
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