Rupee trading nearly 7 paise higher at 65.35 against dollar in early trade on account of selling of American currency by banks and exporters.
Euro popped above the 1.18 line for the first time in three weeks on Wednesday as investors resumed buying European equities while the dollar found itself on the back foot for a second day as U.S. bond yields decline. With the euro zone’s annual economic growth rate outstripping that of the United states in the third quarter, led by Germany, markets are increasingly optimistic about the region’s outlook.
• South Africa Retail Sales (YoY) registered at 5.4% above expectations (4.5%) in September.
• India Trade Deficit Government registered at $14.02B above expectations ($10.45B) in October.
• European Monetary Union Trade Balance n.s.a. increased to €26.4B in September from previous €16.1B.
USDINR pair drags down from its higher level and closed with negative bias.For coming session if its price sustains below support of 65.2000 then it can go towards the deeper support level. 65.5000 is good resistance mark.
EURINR pair opened with gap up and follows its upward trend, settled the day with good gain.It has 77.6000 as an important resistance level above this it can move further towards next resistance level. 77.0000 is psychological support level.
GBPINR pair started the day with gap up and tested its major resistance level but unable to break it and come down, closed the session with positive note.Now, 85.7000 is important support level below this correction is expected. 86.4000 is major resistance mark.
JPYINR pair continued its upward journey and settled near to its resistance level.58.0000 is act as a majorresistance level if it manages above this then more upside movement can be seen. 57.6000 is support level.
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