The rupee on Wednesday extended losses for the fourth straight session and opened 6 paise down at 64.18 against dollar on account of selling of American currency by banks and exporters. The local currency on Tuesday ended lower by 7 paise at 64.12 against the US currency.
The dollar slipped against the yen on Wednesday, pushing back towards last week’s 4-1/2-month low on worries over North Korea’s nuclear ambitions and on comments from a Federal Reserve official about subdued US inflation.
• South Africa Business Confidence Index dipped from previous 95.3 to 89.6 in August.
• Italy Retail Sales n.s.a (YoY) came in at 0% below forecasts (1.1%) in July.
• Sweden New Orders Manufacturing (YoY) down to 2.1% in July from previous 4.4%.
USDINR opened higher but strictly resisted near the resistance and fell gradually to close the session on flat note.
On daily chart, 64.4000 had been very strong resistance holding above which can provide the pair some strength while 64.2000-64.0000 is seen as support range.
EURINR sustained higher in support of positive momentum from the beginning of the session.
Now, next key resistance mark is seen around 77.0000 whereas 76.5000 is seen as immediate support for the currency pair in the coming session.
GBPINR finally gave the positive breakout above the resistance which it was facing since last few sessions.
On daily chart, it will face immediate psychological resistance near the mark of 84.0000 while 83.4000 will now act as key support for the counter.
JPYINR opened on higher note and sustained there for the whole session.
If the currency pair holds above the mark of 59.0000 then it may further rise towards higher levels while 58.8000-58.4000 may act as support range for it.
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