The rupee recovered 7 paise to 67.11 against the US dollar in early trade today on selling of the American currency by exporters and banks amid a higher opening in the domestic equity market. Besides, fresh foreign fund inflows supported the rupee but strength in the dollar against some currencies overseas capped the gains.
The dollar held firm on Tuesday as investors focused on the next set of U.S. data to see whether it supports expectations that Fed Reserve will raise interest rates soon. U.S. data on Monday showed consumer spending increased for a fourth straight month.
- Dollar off highs as investors seek more U.S. rates guidance.
- Asian currencies firm, await US data for hints on Fed.
- United Kingdom M4 Money Supply (YoY) climbed from previous 3.5% to 3.9% in July.
- Italy Retail Sales s.a. (MoM) meets forecasts (0.2%) in June.
USDINR opened gap down and dragged gradually throughout the session and closed in red territory.
If it surpasses 67.3000 level then it may further fall towards the next support of 67.1500. On higher side, 67.5000 is seen as immediate resistance.
EURINR continued to extend bears in the last session and again closed on a weak note.
Now, the major psychological support is seen near 75.0000 mark while any closing in range of 75.5000-75.6000 can determine strength.
GBPINR again sustained on lower levels and closed below the previous close.
Now, any closing below 88.0000 can drag the counter towards 87.6700 while 88.5000 may act as immediate resistance.
JPYINR continued to sustain on lower levels and closed on a weak note for the second consecutive session.
If it breaches the level of 65.7900 then it may further drop down towards 65.3500. On higher side, 66.0000-66.3000 may act as important resistance range.
(Click to submit your details) Just one step to get best trading tips and Recommendation.