The Rupee on Wednesday stormed to a new 17-month high and closed above 65, a level not seen since October 2015, on heavy dollar selling by speculative traders and exporters. The RBI, meanwhile, fixed the reference rate for the dollar at 64.9552 and for the euro at 70.1061.
The dollar remained broadly higher against other major currencies on Thursday, supported by ongoing optimism over the strength of the U.S. economy and as investors eyed the release of a final report on U.S. fourth quarter growth.
• Belgium Consumer Price Index (MoM) fell from previous 0.37% to 0.23% in March.
• South Africa Producer Price Index (MoM) increased to 0.6% in February from previous 0.4%.
• European Monetary Union Services Sentiment below forecasts (13.9) in March: Actual (12.7)
USDINR again hovered around the support level on daily chart and closed around it.
If it breaches the mark of 65.0000 then it may further fall towards deeper supports whereas 65.3500 is seen as important resistance from current levels.
EURINR showed gap down opening and closed with loss of approx 0.50%.
Now, the currency pair lies around the crucial level of 70.0000 and holding below which it may drag towards further deeper supports whereas 70.4000 is resistance.
GBPINR gained momentum in the last hour of the session and managed to close on a strong note.
If the pair continues the pull back then 81.5000 is seen as nearby resistance whereas 80.7000 will act as immediate support.
JPYINR sustained below the previous close and closed the session in red territory.
On lower side, if it surpasses the level of 58.5000 then it may fall towards the next support of 58.2500 whereas 59.0000 may continue to act as stiff resistance.
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