The rupee appreciated by 22 paise to open at 71.7950 against the United States (US) dollar in early trade on Tuesday on on easing fiscal deficit concerns after RBI decided to give Rs 1.76 lakh crore to government. Higher opening in domestic equities and the latest remark by US President Donald Trump on trade talk with China enthused investors. Trump said his trade negotiators had received two “very good calls” from China and it was a sign that China is serious about reaching a deal and those talks would begin soon.
- Indian economy set for weakest quarter of growth in five years.
- India: RBI transferred $24.4bn to government.
- Iran’s Zarif: There will be no bilateral talks with the US.
- China: Industrial profits turned positive supported by infrastructure.
- USD/CNY jumps to highest since February 2008.
USDINR after negative opening showed bearish movements closed around its support.
Now, 71.2000 is seen as support zone for the currency pair sustaining below which it may find next support around 71.0000.
EURINR opened with negative bias showed bearish movements closed with loss.
Sustaining below resistance zone of 79.7000 currency pair shows negative movements towards 79.0000, contrary it may find resistance around 80.0000.
GBPINR showed sideways movements after negative opening closed around its resistance.
Currency pair shows positive movements if able to sustain above its support of 87.4000 and find resistance around 88.2000.
JPYINR opened with partial loss unable to sustain and closed with negative bias.
67.5000 is seen as immediate support for the currency pair breakout below this mark it may continue bearish rally towards 67.0000.
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