The Indian rupee slipped nearly 40 paise to 67.65 against dollar in early trade on Tuesday amid buying of the American currency by banks and importers. The domestic currency hit its lowest level since June 30 after opening 30 paise down at 67.55 against the greenback. Most emerging Asian currencies edged up on Tuesday after their sharp sell-off, but the outlook for the region remains bearish as the dollar hovered around a 14-year peak on rising US Treasury yields. Still, some regional currencies turned weaker with the Chinese yuan touching a near eight-year low on the dollar’s strength.
• Fragile Asia FX rebound fails to ease rising U.S. yield concerns.
• German ZEW economic sentiment improves further in November.
• UK CPI ticks lower in October, core figures disappoint.
• German Gross domestic product up 0.2% in the 3rd quarter of 2016.
USDINR further strengthened as seen on daily chart above and closed on a strong note.It closed above the key resistance of 67.7000 which indicates that it may lead to test the crucial mark of 68.0000 sustaining above which can find the next resistance around 68.3000.
EURINR showed volatile movements during the session but finally closed lower than the previous close.On daily chart, the pair is facing stiff resistance at higher levels of 73.5000 while further sell offs could find 72.6500 as its important support.
GBPINR dragged throughout the session as compared to the previous close and ended the session in red.The pair needs to sustain above 84.5000 to lead towards the next resistance of 85.0000 whereas 83.6000-83.5000 may act as important support range.
JPYINR sustained below the previous session’s close and closed in red territory.It violated the key support of 62.5000 and closed above it. Now, on daily chart, the major resistance is seen around 63.5600 while 62.5000 will continue to act as good support.
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