The rupee weakened by 12 paisa to a fresh 16-month low and opened at 68.1925 hovered in the range of 68.2150 and 68.0950 against the US dollar after China and the US struck a deal to avert a trade war. Surging global crude prices fuelled inflation concerns and interest rate hikes loomed potentially impacting growth. The dollar was at new highs this year as trade war tensions between the U.S. and China were put on hold. The greenback was also supported by bond yields rising to a seven-year high.
• Hong Kong SAR Consumer Price Index: 1.9% (April) vs previous 2.6%
• Greece Current Account (YoY) rose from previous €-1.294B to €-0.956B in March
• Japan Adjusted Merchandise Trade Balance came in at ¥550B, above forecasts (¥-37.1B) in April
USDINR opened with positive bias after correction unable to sustain on lower levels closed with positive note.
Currency pair trades around its strong resistance level if able to open above it than more bullish movements seen towards 68.5000. On downward side 68.0000 is support mark.
EURINR EURINR showed negative movements but gave correction in later session closed with flat note.
Now, if able to sustain above 80.3000 resistance level than it may shows some bullish rally towards 80.5000. Whereas, 80.0000 is act as support for it.
GBPINR showed negative movements throughout the session closed around its support.
91.2000 is act as immediate support mark for the currency if sustain below this level than more correction is seen in it towards 91.0000. On higher side 91.7000 is resistance level.
JPYINRJPYINR showed sideways to bearish movements closed around its support zone.
Sustaining below 61.2000 may drag currency pair towards next support level i.e. around 61.0000 below which it is more bearish.
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