On account of increased demand for the American currency from importers, the Indian rupee weakens by 13 paise to open at 68.9100 against the US dollar. Moreover, across the board worries about growing country’s short term debt liabilites as well as trade deficit and protectionist tendencies on the global front largely weighed on forex front despite its recent bounce back from life low. Against Asian currencies, dollar slipped lower after giving back some of the previous session gains, while the pound regained ground after falling to eleven-month lows amid worries over the growing prospect of a no-deal Brexit.
• United Kingdom Halifax House Prices (MoM) registered at 1.4% above expectations 0.2% in July.
• France Trade Balance EUR registered at €-6.25B, below expectations €-5.5B in June.
• Austria Wholesale Prices n.s.a (MoM) fell from previous 0.2% to 0% in July. USDINR showed sideways to negative movements closed around its day low.
Currency pair still unable to sustain above 69.0000 level and may give some correction towards its immediate support zone of 68.7000. EURINR showed positive movements and closed around its psychological level.
If able to sustain above 80.0000 level then it may give some positive movements towards 80.2000. On downward side it has strong support of 79.6000.
GBPINR showed sideways to negative movements closed around its support level.
Currency found strong resistance on higher levels suggesting more negative movements in it and may drag towards its support level of 89.0000.
JPYINR showed sideways movements and closed with flat note.
Sustaining above 62.0000 mark suggest some positive movements in particular currency pair towards its resistance level of 62.2000.
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