The rupee today managed to cross over to positive territory by finishing at 64.37, up by a marginal one paisa in a cautious trade on a day domestic equity markets scripted history.
The dollar is 13-month lows against a basket of currencies today after the US Federal Reserve’s policy statement was perceived to be slightly on the dovish side. While the Fed said it expected to start shrinking its massive holdings of bonds “relatively soon”, a phrase that was taken by many to mean an announcement in September, the central bank also noted weakness in inflation more explicitly than before.
• European Monetary Union M3 Money Supply (3m) dipped from previous 5.1% to 4.9% in June.
• South Africa Producer Price Index (YoY) declined to 4% in June from previous 4.8%.
• Germany Gfk Consumer Confidence Survey came in at 10.8, above expectations (10.6) in August.
USDINR open with negative bias and closed around its strong support.
Now, if it sustain below 64.3000 than more selling pressure seen in particular currency towards next support level of 64.1500.
EURINR open with positive bias showed correction for the whole session and closed on a flat to weak note.
Forming reversal pattern on daily charts may shows some correction in it and may find next support around its strong support of 75.2000.
GBPINR open with positive bias trades with nominal movement and closed on positive note.
For upcoming session 84.4000 is act as strong support for currency if able to sustain above it than it may shows strength towards psychological level of 85.0000.
JPYINR opened gap up but unable to sustain on higher levels showed negative movements and closed on lower note.
Immediate support for currency is seen around 57.7000 expected to show correction up to this level.
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