The rupee opened on a weak note at 71.4200 against the US dollar in early trade on Friday amid rising crude oil prices and a cautious opening in domestic equities. Though foreign fund inflows added support to the domestic unit. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,614.63 crore on Wednesday, as per provisional data. On the flip side, U.S. dollar steadied on Friday in Asia, while the Japanese yen fell following the release of better-than-expected U.S. retail sales data.Fundamental News
- Asian stocks trade mixed amid sharp drop in bond yields.
- US Pres. Trump to proceed with F-16 fighter jets sale to Taiwan.
- USD/CNY shows less reaction to trade/political news amid PBOC injection.
- BOJ trims purchases of 5-10 year bonds for the first time since December 2018.
USDINR after positive opening unable to sustain on higher levels closed with loss. Now, 71.0000 is act as strong support on lower levels sustaining below this mark it may drag towards next support of 70.7000.
EURINR opened with negative bias showed bearish movements and closed around its support. Sustaining below 79.0000 mark in upcoming session currency pair continue negative movements towards 78.5000 mark.
GBPINR after positive opening showed sideways to bullish movements closed with gain. If continue positive movements then 87.0000 is act as resistance zone for it above this mark it may find next resistance near 87.3000.
JPYINR opened with partial gain found resistance and closed with negative bias. Currency pair shows bearish movements if able to sustain below 67.0000 mark and find support around 66.5000 below which it is more bearish.
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