The Rupee was trading lower by 29 paise against dollar in early trade at the Interbank Foreign Exchange market as the dollar strengthened overseas amid a lower opening of the domestic equity market. Increased demand for the US currency from importers and gains against other currencies overseas after minutes of the Federal Reserve’s last meeting pointed at an interest rate hike this year, put pressure on the rupee.
A poor batch of Chinese trade numbers halted the dollar’s broader rally on Thursday and sent the offshore version of the country’s yuan currency to within sight of lows hit in a dramatic sell-off in January.
- Chinese trade dip halts dollar, sends yuan to 6-year low.
- Dollar falls from 2-1/2 month high vs yen after weak China trade data.
- Singapore dlr hits 7-mth low pre-MAS decision; China data hurts Asia FX.
- German Consumer prices in Sep’16: +0.7% on Sep’15.
USDINR did not extend the bears and opened gap up and gradually rose throughout the session to close high.
On daily chart, it again closed near to the important resistance of 100 day EMA of 67.1000 and may reach 67.2200 if holds above it. Immediate support is 66.8000.
EURINR breached the important support level of 74.3800 on daily chart and closed below it.
On daily charts, it seems to be a major breakdown and 73.7000 is seen as key support from current levels while 74.4000 may act as good resistance.
GBPINR further broke the immediate support levels and closed towards deeper supports.
Closing below 82.0000 mark is itself a weak sign which indicates 81.0000 as the next support. On correction, 82.6000 may act as immediate resistance for the pair.
JPYINR gradually inched higher after a gap down opening and closed in green territory.
On daily chart, it was able to close above the major support of 100 day EMA and may result in some correction on higher side, Important support is in range 64.4000-64.3000.
(Click to submit your details) Just one step to get best trading tips and Recommendation.