Rupee was trading flat for most part of the session but with positive bias against dollar which finally helped rupee to gain in the last trading hour.
On global front, Japanese Yen continued to extend its gains as in the previous session in the overnight trade which rose it to highest level in 18 months. On the other hand, dollar declined against all the major currencies following the disappointing Q1 GDP data which revealed the fact that world’s largest economy grew at an annualized pace of 0.5% against expectations of 0.7%.
- Yen hits 18-month peak, stays firm after BOJ skips easing.
- China’s yuan comes off early highs as state banks offer fewer dollars.
- GDP up by 0.6% in the euro area and by 0.5% in the EU28.
- Euro area annual inflation down to -0.2%.
- Italy Producer Price Index (MoM) increased to 0.2% in March from previous -0.4%.
USDINR after opening flat traded sideways for most part of the session but rupee appreciated against the greenback in the last trading hour and finally settled in weak zone.
On daily charts, it is facing constant resistance on higher side and so 67.000 is still seen as stiff resistance while 66.45000 is the nearest support.
EURINR opened gap up and was not able to sustain on higher levels so strongly; however managed to close higher as per previous close.
It is likely to face key resistance around 76.4000 while support can be seen in the range of 75.7000-75.5000. Closing below this support range can affect the pair in adverse way.
GBPINR opened on strong note but gradually dragged down during the session but however was able to close higher as compared to previous close.
Now, the counter is facing stiff resistance around 98.0000 while 97.0000-96.9000 is seen as support range.
JPYINR continued the gains so made in the previous session and sustained higher crossing the strict resistance and psychological level of 62.0000.
Now, strength can be seen till it holds above 62.0000 while 61.8000 can be seen as major support from current levels.
Intraday Super Star
JPYINR continued the gains so made by the pair in previous session and Yen marked 18 months highs against the greenback. If Japanese Yen continue to gain then buying sentiments can again be seen above 62.4100.
BUY ABOVE 61.4100 TARGETS 62.5500/62.7000 SL 61.2000.
EURINR sustained above the trend line so coming from highs as seen in the chart above. Now, if it is able to sustain higher then bull can again become active above the immediate resistance mark.
BUY ABOVE 76.3600 TARGET 76.6100 SL 75.1000.
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