Extending its gains for the fifth straight day, the rupee inched up by another 6 paise to trade at a fresh two-week high of 66.44 against the dollar in early trade on sustained selling of the American currency by exporters. Besides, a strong opening in the domestic equity market also boosted the rupee’s value against the American currency, but the dollar’s strength against some currencies overseas capped the gains.
Emerging Asian currencies were mixed on Wednesday in subdued trading as concerns over the European banking sector hurt risk sentiment.
- Dollar edges up from 1-month low vs yen, focus on Fed speakers.
- Europe banking woes dent Asia FX appetites; rupiah, won firm.
- German Consumer climate: Brexit and terror threat dampen consumer confidence.
- Ireland Retail Sales down to 5.2% in Aug from previous 6.3%.
USDINR witnessed a muted session and remained on lower levels closing on a flat note.
Bearishness may continue till it sustains below the major support of 66.8300 whereas immediate resistance is seen near the psychological level of 67.0000.
EURINR opened below the last session’s close and sustained on lower levels indicating weakness.
It surpassed the important level of 74.9100 and closed around it. If the pair is able to sustain above 75.0000 then only some strength can be expected.
GBPINR broke the bear rally so seen in last several sessions and closed in green territory.
If the counter manages to hold above 87.0000 mark then it may correct on higher side while 86.5500 will continue to act as key support for it.
JPYINR opened on lower note and moved in a tight range for the whole session closing on a negative note.
It needs to break the resistance of 66.7000 to give a positive breakout on daily chart while 66.1000 is seen as key support for the currency pair.
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