Indian currency underwent consecutive losses as it slipped for the seven successive sessions against the greenback. The American currency stood strong after New York Fed President William Dudley said the US economy could be strong enough to warrant an interest rate increase in June or July.
Sterling retreated from a 3-1/2-month high against a trade-weighted basket of currencies on Friday but stayed track for its best weekly performance in nearly 10 months.
- Rupee slips for seventh straight session.
- Dollar heads for third week of gains.
- German Producer prices in April 2016: –3.1% on April 2015.
- China’s yuan off early highs, partly held back by by U.S. rate hike expectations.
- Pound dips again on latest Brexit poll results.
USDINR continued the bull rally so gained after the pair surpassed 100 day EMA on daily charts.
It closed near to the resistance and if the momentum continues then 67.8000 is seen as next resistance while 67.3000 may act as immediate support.
EURINR showed strength during the session and closed above the trend line as seen in daily chart above.
It is expected to inch towards 76.0000 mark and strength can be seen till it maintains above the trend line. On lower side, 75.5000 is still seen as key support.
GBPINR opened flat and traded in range bound fashion and closed down as compared to previous close.
Strength can be seen from support levels till it maintains above the upper band of channel pattern. Resistance so seen is 98.8000 while 98.0000 may act as good support.
JPYINR dropped down in the start of the session and remained weak for the rest of the session.
On daily charts, it has been moving in strict range between 61.6500-61.0000 and hence breakout on either side may decide the further trend.
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