The Indian rupee inched up slightly against dollar in early trades on Friday on increased selling of the American currency by exporters and banks. However, the dollars recovery against some currencies overseas restricted the local unit upmove.
The dollar gained in Asia on Friday as solid data from Japan and China did not derail sentiment for the greenback as US tax cuts seem closer and the market waits for nonfarm payroll data.
• India FX Reserves, USD increased to $401.94B from previous $400.74B.
• India Bank Loan Growth climbed from previous 8.6% to 9.6%.
• Brazil IPCA Inflation below expectations (0.35%) in November: Actual (0.28%).
• France Budget fell from previous €-76.3B to €-77.2B in October.
USDINR pair unable to hold its resistance level and drag down closed the day with negative bias.Now, 64.5000 act as a crucial support level below this it can move towards deeper support. Whereas 64.7000 is immediate resistance level above this some correction is expected.
EURINR pair has witness sharp fall throughout the day and settled the session with weak note.It has immediate support level of 75.7000 if it sustain below this then more selling can be seen. On upper side it has 76.2000 as good resistance level.
GBPINR pair opened with gap up but unable to manage came down and settled the day near to its low. For upcoming session if it manages to hold above resistance of 87.3000 then it can take good up side movement. 86.8000 is major support level.
JPYINR pair opened with negative bias and followed its southern journey, closed the session with loss.Now, it has major support level of 56.9000 below this it may take more down side movement towards 56.7000 and 57.2000 is act as resistance mark.
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