The Rupee opened nearly 31 paise down at 68.13 against the US dollar on Friday on account of buying of the American currency by banks and importers. It is the lowest level for the domestic currency since June 24. Market sentiments deteriorated after the US Federal Reserve Chair Janet Yellen on Thursday indicated an increase in interest rate ‘relatively soon’ if the American economy continues to show signs of improvement. The dollar was gunning for robust weekly gains on Friday after upbeat US economic data stoked expectations of higher US interest rates.
- Dollar index at fresh 14-year peak on U.S. rate hike bets.
- Euro on record losing streak against dollar on ECB stimulus promise.
- German Producer prices in October 2016: –0.4% on Oct 2015.
- Chile Gross Domestic Product (YoY) rose from previous 1.5% to 1.6% in 3Q.
USDINR opened gap up and sustained on higher side for the entire session to end in green territory.Bull momentum of the pair continues and it may lead towards the next resistance of 68.3100 as seen on daily chart whereas any closing below 68.0000 can result in correction.
EURINR opened below the crucial support on which it was hovering since last few sessions and closed below it.On daily chart, weakness may continue till it sustains below 72.6500 while 72.0000 is seen as key psychological support below which bears may continue.
GBPINR moved in the same range since last few sessions and closed on a flat note.It is continuously facing the resistance of 85.3000 on daily chart holding above which it may move higher while 84.3500 is seen as the nearest support for the pair.
JPYINR opened with a large fall and sustained on lower side closing in red.Weakness will be prevailed I the pair till it sustains below 62.0000 mark and is expected to slip towards the support range of 61.5000-61.3000.
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