The Rupee was trading 4 paise down at 64.38 against dollar in early trade on Tuesday on account of buying of American currency by banks and importers.
The rupee was trading 4 paise down at 64.38 against dollar in early trade on Tuesday on account of buying of American currency by banks and importers. Undermining the case for a Fed rate increase in coming months, the dollar has been hit by weak US data that has contrasted with an improving economic outlook in Europe and China.
• United Kingdom CBI Industrial Trends Survey – Orders (MoM) registered at 10, below expectations (11) in July.
• Germany IFO – Expectations came in at 107.3, above expectations (106.5) in July.
• Italy Industrial Sales n.s.a. (YoY) in line with expectations (7.6%) in May.
USDINR again traded in the same range as of last few consecutive sessions and settled on a flat note.
The currency pair had been stuck in a range where resistance is seen around 64.5000 while 64.3000 is immediate support. It needs to move either side to decide the trend further.
EURINR did not show any volatile movements rather moved within the same range as of previous session.
Closing above the mark of 75.0000 indicates certain strength in the counter whereas 74.9000 may continue to act as important support.
GBPINR hovered near the resistance range as shown on daily chart and closed in green.
If the currency pair holds above the immediate resistance of 84.1000 then it may inch higher while support can be seen in the range of 83.8000-83.7000.
JPYINR showed sharp downfall from the higher areas and closed the session on weak note.
Now, sustaining below 57.7000 can further drag the pair towards the next support of 57.4500 while 58.0000 may continue to act as strict resistance.
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