The Rupee weakened 6 paise to 66.83 against the US dollar in early trade at the Interbank Foreign Exchange today following fresh demand for the American currency from banks and importers. However, a higher opening of the domestic equity market capped the rupee’s losses.
Sterling traded near its weakest in three weeks against the dollar on Monday, hurt by widening rate differentials between the US and the UK after robust jobs numbers strengthened speculation of a rate hike by the Federal Reserve. In contrast, the BoE kick started its quantitative easing program on Monday.
- Sterling stuck near 3-wk lows, bets against pound hit record high.
- Dollar adds to gains vs yen after stellar U.S. jobs data.
- China’s July forex reserves fall to $3.20 trillion.
- Swiss Consumer Price Index in July 2016 fall by 0.4%.
USDINR did not have much impact of US Jobs data so released on Friday and closed on a flat note.
It was able to sustain above 67.0000 mark which helped to show a short pull back in the end and now 100 day EMA of 67.2300 may act as resistance.
EURINR fell for the third consecutive session and closed around the support of 74.2000 on daily chart.
On lower side, if it breaches the mark of 74.0000 then 73.7000 is seen as next support while 74.7000 may act as immediate resistance.
GBPINR broke the important support of 87.8000 and closed below it.
If it continue the bear trend then 86.6500 is seen as next support while 87.8000-88.0000 may act as resistance range for the currency pair.
JPYINR showed sharp downfall in the last session and closed in red terrain.
Now, 65.2500 is seen as immediate support as seen on daily chart while 66.0000 will now act as stiff resistance for the counter.
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