Against the US dollar, the Indian rupee opened flat at 70.3650 and throughout the day hovered in the range of 70.3650 and 69.8150 on robust foreign fund outflows amid rising trade deficit worries. Moreover, a weakening American currency and positive opening of the domestic equity market bolstered the sentiment of Indian rupee. On the macro front, India’s service economy expanded further at the end of 2018, as strengthening demand continued to translate into new business gains, data released today showed.
- United Kingdom M4 Money Supply (YoY) down to 0.8% in November from previous 1%.
- Germany Unemployment Change came in at -14K below forecasts -11K in December.
- China Caixin Services PMI came in at 53.9, above forecasts 52.9 in December.
USDINR opened with negative bias showed bearish movements closed with loss.Sustaining below psychological level of 70.0000 suggesting more negative movements in particular currency pair and find support around 69.5000.
EURINR showed sideways to bearish movements closed with negative bias.Immediate support for the currency pair is seen around 79.7000 mark breakout below this level may result in more negative movements.
GBPINR after positive opening showed sideways movements closed with gain.If continue bullish movements in upcoming session then it may find next resistance around 89.3000. On lower levels 88.5000 is act as support.
JPYINR after correction unable to sustain on higher levels closed with negative note.Currecny pair continues its bearish movements if able to sustain below its support zone of 64.5000 below which it may drag towards 64.3000 mark.
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