The Indian rupee opened nearly 3 paise higher at 68.10 against the US dollar on Friday on account of some selling of the American currency by banks and exporters. The domestic equity market opened flat following global cues.The dollar held near 13 1/2-year highs against a currency basket in Asian trading on Monday, as investors stuck with bets that President-elect Donald Trump’s administration would adopt expansionary fiscal policies that will lead to higher interest rises.
- Dollar hoisted higher as U.S. yields rise on Trump bets.
- Asia FX hit by rising dollar, US yields; ringgit at 13-month low.
- China’s yuan weakens to nearly 8-1/2 year lows.
- Greece Current Account (YoY): €1.008B (September) vs previous €1.821B.
- Ringgit, Philippine peso weak; won, baht edge up.
USDINR sustained towards the higher range as seen on daily chart and closed on a flat note.The currency pair strictly took resistance around the 68.3100 as mentioned in the previous report and any closing above it will further increase the buy momentum.
EURINR opened on lower levels but soon gained momentum and inched higher towards the previous close.On further northward movement, 72.6500 is seen as important resistance for the counter while 72.1500 may act as key support from current levels.
GBPINR opened gap down and sustained on lower side throughout the session to close in red territory.It strongly resisted around the resistance so seen on daily chart and dropped down from there while 83.5000 will continue to act as strong support.
JPYINR dragged further below the support levels and closed below the previous close.Any correction on higher side can make the counter to travel towards the important resistance of 62.0000 while 61.3000 will continue to act as good support.
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