The rupee on Wednesday opened 9 paise up at 65.36 against dollar on account of selling of American currency by banks and exporters.
The US dollar was underpinned on Wednesday by remarks from the Federal Reserve chief on the need to continue with rate hikes, while the euro licked the wounds from political uncertainty following the German election at weekend.Fed Chair Janet Yellen said on Tuesday that the Federal Reserve needs to continue gradual rate hikes despite broad uncertainty about the path of inflation.
• United Kingdom CBI Distributive Trades Survey – Realized (MoM) came in at 42%, above forecasts (5%) in September.
• Italy Industrial Sales n.s.a. (YoY) fell from previous 7.6% to 4% in June.
• European Monetary Union M3 Money Supply (3m) remains at 4.8% in August.
USDINR pair was opened with bullish note and continue its upward rally and conclude the day with good gain.
For upcoming session more upside movement expected towards resistance 66.5000 if is sustain above 66.0000. It has crucial support level of 65.5500.
EURINR pair started the session with some gain and recover from lower level but in second half drag down from higher side and closed on weak note.
It has 77.4000 as major support below this level correction can be seen. On higher side immediate resistance is 77.8000. sustaining above which may leads it 78.3000 mark.
GBPINR pair is not able to sustain at lower level and bounce back after tested crucial support and settled the day with good strength.
Now 88.70000 is resistance level above this it can take further upside movement. 88.20000 crucial support level.
resistance for it.
JPYINR recovers from lower level in early trade, showed correction in second half and closed near to its day low.
For coming session 58.4000 is important support level below this down side movement is expected. 58.7500 is important resistance level.
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