Breaking a three-day spectacular up move, the rupee retreated modestly from a near one-month high to end at 67.42 against the US dollar as sentiment turned bearish ahead of Fed rate decision. Traders are also cautious ahead of key macro economic data due later on Friday and next week.The dollar rose against the other major currencies on Friday amid widespread expectations that the Federal Reserve will hike interest rates at the conclusion of its policy meeting this week.
• Euro drops for second consecutive day after dovish ECB meeting.
• China to launch direct yuan trading with seven currencies.
• Dollar index extends gains on upbeat UoM report.
• Consumer Sentiment in U.S. Rises to Highest Since January 2015.
USDINR opened with positive bias but unable to sustain on higher levels and closed with nominal gain.Currency still looks weak 67.4000 is act as immediate support if break this support than next support is seen around 67.1000. Whereas, short term resistance is 67.7500.
EURINR opened weak and closed below its major support level on daily charts.Now, if it able to sustain above 71.8000 than correction is expected up to 72.0000. On other hand continue its bearish rally towards next support level of 71.4000.
GBPINR closed above trendline acting as resistance on intraday charts.Closing above trend line shows more correction. Now, 85.6000 seen as immediate resistance and if continue its bear movement than 84.7000 is act as support for it.
JPYINR continued its bear rally and closed near to its support on daily charts. It still looks weak and may find next support around 58.6000. If shows some correction than 59.5000 is act resistance level for it.
(Click to submit your details) Just one step to get best trading tips and Recommendation.