The Rupee opened 19 paise up at 64.54 against dollar on Thursday following fresh bouts of dollar selling by banks and exporters.
The dollar was on the defensive after the Federal Reserve dialed down on some of the more hawkish policy expectations. Asian currencies were firm on Thursday after the minutes of the U.S. Federal Reserve’s last meeting showed policymakers favoring a gradual approach to interest rate hikes, with the Yuan hitting two-month highs on state-driven dollar selling after Moody’s downgraded China’s debt ratings.
• South Africa Producer Price Index (MoM) below expectations (0.4%) in April: Actual (0.3%).
• United Kingdom Index of Services (3M/3M) below expectations (0.3%) in March: Actual (0.2%).
• Italy Industrial Orders s.a (MoM) declined to -4.2% in March from previous 5.3%.
USDINR extended the bears so observed in the previous session and closed on negative note.
On lower side, 64.4000 may continue to act as key support for the currency pair whereas 65.0000 is marked as important resistance for it.
EURINR hovered in the same range as of previous one and closed on a flat note.
On further slippage of the pair, it may find 72.1000 as its immediate support. On higher levels, 73.0000 may continue to act as strict resistance.
GBPINR traded on weak note for the entire session and closed in red zone.
If it surpasses the trend line so coming from lower lows then it may drop towards the next support of 83.3500. Strength can be seen above the mark of 84.0000.
JPYINR dragged for the second consecutive session and closed below the immediate support.
Now, strength will be seen if the counter sustains above the level of 58.0000 and 58.2000 may act as next resistance whereas 57.6000 is seen as immediate support.
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