The Rupee weakened by 6 paise to 67.08 against the dollar in early trade today at the Interbank Foreign Exchange market on month-end demand for the American currency from importers. Most Asian currencies were steady to firmer against the dollar on Wednesday, with the South Korean won outperforming due to month-end flows from local exporters.
China’s yuan firmed on Wednesday, with investors cautious about possible central bank intervention whenever the currency neared the psychologically-important 6.7 per dollar level.
- Asian currencies steady ahead of U.S. jobs data, won shines.
- Dollar hits one-month high vs yen on Fed rate hike bets.
- China’s yuan edges up in cautious mood on fear of intervention.
- Euro area unemployment at 10.1%.
- Euro area annual inflation stable at 0.2%.
USDINR dragged for the second successive session and closed on lower note.
The currency pair is now near to the key support of 67.1700 as seen on daily charts below which 67.0000 may act as major support while 67.4000 is seen as immediate resistance.
EURINR continued the short bear run as seen on daily charts and closed near the immediate support.
It closed below 75.0000 mark which is a weak sign for the counter and now 74.6500 may act as key support. On higher side, 75.3000-75.4000 is seen as resistance range.
GBPINR gained certain momentum after continuous downfall and closed above the previous close.
Further bulls can carry it towards the next resistance of 88.8000 above which 89.0000 will act as strict resistance. On lower side, 88.5000 may act as good support.
JPYINR opened gap down and dragged throughout the session to close with loss of 1%.
It traded below the key support level of 65.8000 on daily chart and now 65.0000 may act as immediate support for the pair while 65.8000 will now act as resistance for it.
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