The rupee advanced further from initial gains and was trading higher by 10 paise at 66.87 against the American currency in late morning deals on sustained bouts of dollar selling from banks and exporters amidst firm domestic equities.
The dollar fell from a two-week high on Monday, with a stronger oil price the chief theme in a market battening down the hatches ahead of central bank policy meetings in Japan and the US. Commodity-linked currencies including the Canadian, Australian and New Zealand dollars were all half a percent higher in early trade in Europe.
- Dollar slips from 2-week high before Fed and BOJ meetings.
- European Monetary Union Current Account s.a below expectations (€27.2B) in July: Actual (€21B).
- Sri Lankan rupee edges down on importer dollar demand; stocks fall.
- Hong Kong SAR Unemployment rate: 3.4%.
USDINR has been hovering in the same range since last few sessions and closed in the same range.
It is facing strict resistance near 100 day EMA of 67.1500 and it needs a closing above this to gain momentum. On lower side, 66.9000 is seen as strong support.
EURINR opened on lower side and sustained at lower levels for the entire session and finally closed on weak note.
Now, strength can be seen if it holds above the 100 day EMA of 75.1200 while 74.7500 is seen as immediate support below which sell offs are expected.
GBPINR showed steep downfall and broke the important support zone on daily charts.
If it continues its downfall then immediate support is seen around 87.2800 and sell on rise can be seen in this counter. On higher side, 88.1000 is seen as strict resistance.
JPYINR although opened the session higher but could not sustain there for long and closed in red.
If it is able to sustain above the psychological mark of 66.0000 then it may move towards 66.5100 while 65.5500 is seen as nearby support for the counter.
(Click to submit your details) Just one step to get best trading tips and Recommendation.