Rupee slipped against the greenback in the beginning of the session and remained sideways to negative for the rest of the session.
Major happening for the cross currency market was that Yen tested 18 month highs against dollar after its biggest weekly gain in over seven years. Some other key economic indicators which released are as follows: German Manufacturing PMI rises to three – month high as new order growth ticks higher, French manufacturing sector downturn deepens amid sharper fall in new orders, Italian Manufacturing sector sees strongest growth for four months in April.
- India’s forex reserves continue to rise, reached a record high of $361.6bn.
- Yen hits 18-month high vs dollar as Japan seen in policy bind.
- Euro Zone Growth remains lacklustre as French downturn deepens.
- Swiss retail trade turnover falls by 2.4%.
USDINR after opening flat traded sideways for most part of the session around its near support as on daily charts but inched higher in the last hour.
If it sustains above 66.8000 then it may lead towards next resistance of 67.0000 while on lower side 66.6000 is still act as major support.
EURINR opened gap up and bulls carried the pair on higher side on back of strong Euro against all global currencies and closed with gain of approx 0.83%.
Strength can be seen in the counter till it sustains above the level of 75.5000 while any closing below 75.2000 can be a sign for correction.
GBPINR traded sideways as per previous close for most part of the session but hiked in the last hour to close the pair on positive note.
In this bullish trend for the counter, 98.0000 is still seen as the crucial resistance while 97.3000 is seen as immediate support for the counter.
JPYINR opened gap up and sustained higher continuing the bulls for the fourth consecutive session and is continuously making new 52 week highs.
Buy on dips is usually seen in this pair as 62.3000-62.1000 is seen as near support range from where buying can be seen while 63.0000 is seen as major resistance.
Intraday Super Star
GBPINR is able to sustain higher on daily charts since last few sessions and now is expected to move towards the trend line acting as resistance as shown in the chart above.
BUY ABOVE 97.9500 TARGETS 98.1500/98.3500 SL 97.6000.
EURINR gave positive breakout of the triangle pattern as per our previous reports and now is expected to continue its bull run if it holds above the immediate resistance on daily charts.
BUY ABOVE 76.8350 TARGET 77.1000 SL 76.4500.
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