The Indian rupee traded higher by 7 paise at 69.33 per dollar in early trades on Tuesday versus previous close 69.40. Rupee consolidated in a narrow range despite weakness in major Asian currencies following uncertainty related to disturbed trade talks between US and China. There is expectation that the Chinese representatives may backtrack on substantial commitments it made during trade talks with the US, prompting President Trump to impose additional tariffs on Chinese goods slated to go into effect as early as Friday.
- Most Asian currencies firm on hopes for China-U.S. talks, baht leads gains.
- Aussie surges after central bank holds rates; yuan stabilises.
- China forex regulator approves new QFII, RQFII quotas.
- Japan April manufacturing PMI returns to expansion but export orders, output still falling.
USDINR found support on lower levels and closed around its short term resistance. Currency pair continue its bullish movements if break its immediate resistance and found next resistance around 70.0000.
EURINR opened with partial gain showed sideways movements closed around its resistance. 78.2000 is seen as immediate resistance for the currency pair sustaining above this mark it may continue positive movements.
GBPINR unable to sustain on higher levels showed correction closed with partial loss. Sustaining above its support level of 91.0000 currency pair shows bullish movements and finds resistance around 91.5000 mark.
JPYINR showed sideways to positive movements closed with gain. If able to sustain above 63.0000 mark in upcoming session currency pair may continue bullish movements toward its resistance of 63.5000.
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