The Indian rupee strengthened marginally against the US dollar on account of selling of American currency by banks and exporters ahead of the key consumer price inflation and industrial production data due after 5.30pm on Wednesday.
Most Asian currencies were higher on Wednesday against the dollar, which was hit by new suggestions of Russian influence in the 2016 US presidential election and amid wider caution ahead of Federal Reserve chair Janet Yellen’s semi-annual congressional address.
• Asian currencies push higher as Trump woes weigh on dollar.
• Dollar stalls vs yen before Yellen testimony.
• Eurozone Industrial production grows to highest level since September 2008.
• German Wholesale prices in June 2017: +2.5% on June 2016.
• UK Claimant Count Rate unchanged at 2.3% in June.
USDINR hovered in the same range as of previous session and closed on a flat note.
Absence of any volatile movements maintained the support to be at same levels of 64.5000 whereas immediate resistance is seen at 64.8000.
EURINR opened the session on a strong note and sustained at such higher levels for the entire session.
Closing above the mark of 74.0000 indicates certain and strength which may lead the pair towards the next resistance of 74.5000.
GBPINR sustained on deeper supports in early part of the session but later recovery made it to close higher.
The currency pair was able to close above the mark of 83.0000 and sustaining above it may head it towards the key resistance of 83.7000.
JPYINR opened gap up and sustained at higher levels to close the session on positive note.
It recovered from the bear rally so continuing since last several successive sessions. If it holds above 57.2000 then it may lead higher while 56.8000-56.6000 is support range.
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