The Indian rupee was trading nearly 4 paise higher against the US dollar in early trade on Tuesday on account of selling of American currency by banks and exporters amid a positive start of domestic equity markets.
The dollar steadied in Asia on Tuesday, keeping previous session gains as markets wagered on a victory for Hillary Clinton in the U.S. presidential election after the FBI cleared her of any wrongdoing in its latest probe of her use of a private email server.
• Dollar steady, markets bet on Clinton win in looming US presidential vote.
• United Kingdom Industrial Production (YoY) came in at 0.3% below forecasts (0.8%) in September.
• German Production in September 2016: –1.8% seasonally adjusted on the previous month.
USDINR sustained on lower side with the start of the session and dragged sharply in the later half to close on weak note.
On daily chart, it closed around the immediate support and now 66.7000-66.6000 is seen as support range while 67.0000 will continue to act as strong support.
EURINR further dropped for the second consecutive session and closed the session in red.
Now, if the pair continue to trade below the immediate support of 73.7500 then it may slip towards deeper support. However, 74.1000 may resist it to move higher.
GBPINR showed zigzag movement for the entire session and closed on a weak note.
On daily chart, if the counter holds below the key support of 82.9000 then it may fall towards deeper support levels whereas 83.3000-83.5000 is seen as resistance range.
JPYINR showed sharp downfall for the second consecutive session and settled on weak note.
If the bears continue then 63.6500 is seen as major support while 100 day EMA of 64.4000 will continue to act as stiff resistance.
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