The Rupee moved up further by 6 paise to 66.67 against the dollar today, with exporters and banks going on a selling spree of the US currency and a higher opening in the stock market backing it up. Dollar faced some headwinds against other currencies overseas after core US inflation rose less than forecast in September.
Chinese economy expanded steadily in the third quarter, offering further evidence of stability for the world’s second-largest economy. GDP expanded at an annualized 6.7% in the third quarter, following a similar gain in Q2 and forecasts calling for the same.
- US inflation data supports Asia FX; China Q3 GDP reassures.
- Dollar steps back from 7-month high; Aussie trims gains.
- China’s yuan firms, but depreciation pressure seen persisting.
- China’s GDP Growth Steady at 6.7% in Third Quarter.
- United Kingdom Claimant Count Rate: 2.3% (September) vs 2.2%.
USDINR traded in the same range as of last session and closed on a flat note.
Further bearishness may find support around 66.6000 as seen on daily chart while 66.9000-67.0000 may act as resistance range from current levels.
EURINR extended the bears and breached the support levels on daily chart to again close in red.
If the counter continues to trade below 73.4000 then it may further drag towards 73.0000 mark while any correction will find 73.7000 as major resistance.
GBPINR continued the momentum so seen in the last session but faced resistance on higher side.
The counter faces resistance at higher levels as the major trend for it is weak and so reversals are expected from current levels towards support of 81.3500.
JPYINR headed northwards since the beginning of the session and closed the session on strong note.
If the pair is able to sustain above 64.4000 then it is expected to trade higher towards the immediate resistance of 65.0000 while 64.0000 is still seen as key support.
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