Indian Rupee rose against dollar in early trades on Monday after the shocking jobs data so released by US which even diminished concerns over possible rate hike in forthcoming meeting in this month. Data showed US non-farm payrolls rose by 38,000 in May, the smallest gain since September 2010.
Emerging Asian currencies also surged against the dollar Monday. The South Korean won, Indonesian rupiah and oil-reliant Malaysian ringgit soared around one percent against the dollar.
- Disappointing U.S. jobs data powers Asia FX; Yellen next focus
- Eurozone retail PMI shows marginal rise in sales in May.
- German New orders in manufacturing in April 2016: –2.0% seasonally adjusted on the previous month.
- Eurozone aggregate climbs to new high.
USDINR opened gap down after weak US data on Friday and sustained on lower side.
Now, 67.0000 which is also its 100 day EMA will act as strong support for the counter below which selling pressure can be seen while 67.4500 is seen as resistance.
EURINR opened gap up for the first session of the week and closed higher gaining approx 1.30%.
Now, if it holds above 76.4000 then it may further lead higher while 76.0000 is seen as major support psychological support.
GBPINR showed consecutive down rally for the fourth session and closed down.
It needs to sustain above 100 day EMA of 97.3500 to strengthen further while 96.0000 is seen as major support from current levels.
JPYINR hovered around higher sides after a gap up opening and closed in green.
Now, on moving northwards it will find 63.1000 as strict resistance while 62.5000.-62.2000 may act as immediate support range.
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