The Rupee jumped 2.8 per cent in March to cap its best monthly gain in a year, thanks to a surge in foreign inflows following a win for PM Narendra Modi in key state elections. Its 4.7% advance last quarter is the largest since September 2012
The dollar lost its grip on earlier gains against the yen on Wednesday, remaining under pressure after North Korea fired a ballistic missile into the sea ahead of a summit between US and Chinese leaders. US President Donald Trump and his Chinese counterpart Xi Jinping meet for talks on economic and security issues.
• United Kingdom Markit Services PMI came in at 55, above forecasts (53.5) in March.
• Germany Markit PMI Composite registered at 57.1 above expectations (57) in March.
• France Markit PMI Composite below expectations (57.6) in March: Actual (56.8.
USDINR was unable to sustain at higher levels and dragged gradually during the session to close in red.
Now, it is again near to the mark of 65.0000 and may fall down if sustain below it whereas 65.4000 is seen as immediate resistance.
EURINR witnessed selling pressure near highs and dropped towards support levels.
The currency pair is expected to face resistance in the range of 69.8000-70.0000 and bears may become aggressive below the immediate support of 69.4000.
GBPINR did not continue the pull back momentum of the previous session and fell down.
Strength can be seen till it sustains above the mark of 81.0000 and may inch towards the resistance of 81.7000 whereas 80.8500 is seen as near support.
JPYINR carried the bulls in last session but faced strict resistance at highs and dropped during the session.
On daily chart, the pair exhibited a reversal candlestick pattern suggesting sell offs in coming session while 59.2000 is marked as key resistance.
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