The Rupee gained nearly 8 paise against the US dollar in early trade on Thursday amid firm opening of the domestic equity market following robust global cues. China’s yuan fell to fresh six-year lows against the US dollar on Thursday after the central bank set a weaker midpoint for the fifth consecutive day to reflect a sharp rebound in the dollar overnight. Uncertainties over the yuan’s direction have increased after Republican Donald Trump’s surprise presidential election on Wednesday.
• Solid dollar, Trump fear hurt Asia FX; yuan at fresh 6-year lows.
• In Sept 2016, French manufacturing output fell back (–1.1%).
• Greece Unemployment Rate (MoM): 23.4% (August) vs 23.2%.
• Yuan slips as dollar recovers but wary over Trump’s China intentions.
USDINR opened on lower note but traded thereafter towards higher levels and closed in green.It showed good bounce back from the key support of 66.5000 and now again 67.0000 is marked as important resistance while 66.4000 will continue to act as support for it.
EURINR showed sharp downfall and closed the session with a loss of approx 1.5%.On daily chart, 72.7000 is seen as good support sustaining below which can increase the sell offs while 73.1000-73.5000 may resist the pair to move higher.
GBPINR did not show any major moves during the session and closed flat with negative note.On daily chart, if it crosses the key support of 82.3000 then the counter may drop towards deeper supports whereas 83.0000 is seen as important resistance.
JPYINR showed sharp downfall after the previous reversal candlestick pattern and closed with loss of 3%.The pair broke the important support of 63.6000 on daily chart indicating weakness further. Now, 62.4000-62.000 will act as important support range for the counter.
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