In early trade, the Indian Rupee opened weak at 68.7800 and throughout the day hovered in the range of 68.8475 and 68.6425 against the US dollar ahead of the Reserve Bank’s monetary policy announcement today. Though, the rupee’s fall to fresh demand for the US currency, but firm domestic bourses capped the losses. The dollar edged up against major currencies on reports that US President Donald Trump would propose 25 percent tariffs, instead of 10 percent.
• India Reverse Repo Rate in line with forecasts 6.25% in August 1.
• United Kingdom Markit Manufacturing PMI came in at 54, below expectations 54.2 in July.
• European Monetary Union Markit Manufacturing PMI meets forecasts 55.1 in July.
USDINR showed sideways to negative movements closed with loss.
Currency pair unable to hold its higher level found strong resistance and trades near support zone if break in upcoming session then it may find support at 68.3000.
EURINR showed negative movements and closed around its day low.
80.3000 is seen as immediate support mark for it, sustaining below which may drag it towards 80.0000 level. On higher side 80.8000 is vital resistance for it. GBPINR open with negative bias showed sideways movements closed with loss.
Support for the currency is seen around 90.2000 if able to break it then it may continue negative movements towards 89.8000 level. JPYINR showed sideways to negative movements closed with bearish bias.
Currency sustain below its strong support zone suggesting more negative movements in it towards 61.0000. On upward side 61.7000 is act as resistance level.
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