Rupee today ended steady at 64.78. US currency in a range-bound trade amid concerns over a possible rate hike by the Federal Reserve.
The dollar hit a seven-week high against the yen on Friday after the Bank of Japan increased its purchases of government bonds, expanding monetary policy at a time when other major central banks are moving towards tightening.
Yen was the outlier, with the dollar gaining over half a percent against the Japanese currency to hit 113.835 yen, its strongest since May 16.
- Singapore Foreign Reserves (MoM) rose from previous 264.6B to 266.3B in June.
- The United Kingdom Total Trade Balance below forecasts (£-2.5B) in May: Actual (£-3.073B.
- Austria Trade Balance rose from previous €-271M to €-137.8M in April.
USDINR opened on a weak note and extended the bears during the session to close in red territory.
On lower side, immediate support so observed is 64.6500 sustaining below which can further drag the pair whereas 65.0000-65.1000 may act as strict resistance range.
EURINR showed gap up opening and managed to sustain at higher levels throughout the session.
If the currency pair holds above the mark of 74.0000 then it will again strengthen and move towards the key resistance of 74.5500.
GBPINR carried the bear moves throughout the session and closed on weak note.
It took support around the key level of 83.5200 on daily chart and holding below it can further show the strong bear moves while 84.0000 is seen as key resistance.
JPYINR closed with gap down and surpassed the important support marks.
In the coming session, if the counter sustains below the mark of 57.0000, then it may drop towards the next important support of 56.8000.
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