The domestic currency jumped 25 paise to 67.11 against the US dollar in early trade on Monday after data showed US non-farm payrolls in June surged to highest in eight months. The improvement in jobs data increased optimism over the world’s largest economy and answered why US policymakers refused to take a note of the recent weakness in the jobs market at the last Fed policy review.
The safe-haven yen fell on Monday amid an improvement in investor risk appetite following a surge in Tokyo stocks. The dollar rose 0.8% to 101.37 yen after sliding to as low as 99.99 yen on Friday.
- Yen slips as Tokyo stocks jump on renewed Abenomics hopes.
- South Korea won, stocks jump as U.S. jobs data backs global risk-on mood.
- Dollar edges up on better risk appetite, but seen capped long-term.
USDINR opened gap down and remained below at ower levels throughout the session.
Closing below 100 day EMA indicates mere weakness which may drag it towards the near support of 67.1000. On higher side, it needs a closing above 67.4000 to gain strength.
EURINR breached the trend line coming from deeper support on daily charts and closed below it.
Bears may continue if it sustains below 74.3500 i.e. elow the trend line while 74.6500-75.0000 is seen as immediate resistance for the counter.
GBPINR dragged heavily in the first half of the session while recovered the intraday losses in the later half.
Lower lows are seen on daily charts for the pair suggesting a pull back towards the stiff resistance of 89.0000 mark while sell offs on highs are still seen in the counter.
JPYINR strongly resisted on higher levels on daily charts and slipped towards the major support level.
Now, 65.5000 is the key level surpassing which can drop the pair towards the next support of 64.9500. On higher side, 66.2000-66.7000 is seen as resistance range.
(Click to submit your details) Just one step to get best trading tips and Recommendation.