The Indian rupee on Thursday weakened over 1.1%, its steepest fall in eleven month against the US dollar as concern over US President Donald Trump spurred a selloff in emerging market currencies. Extending its losses for the third straight day on Thursday, the rupee opened 19 paise down at 64.34 against dollar on account of buying of American currency by banks and importers amid subdued global markets.
The dollar wallowed near six-month lows against a basket of major currencies on Thursday as the US political crisis appeared to deepen.
• Trump, data weigh on dollar after worst fall since July.
• United Kingdom Retail Sales (YoY) above expectations (2%) in April: Actual (4%).
• Japan Q1 GDP Expands 0.5% vs. 0.4% Expected.
• Portugal Current Account Balance rose from previous €-0.014B to €0.19B in March.
USDINR took off from the major support levels in the last session and closed on a strong note.
It tested the important mark of 65.0000 and sustaining above it can further take it northwards. On the lower side, 64.4000 is seen as key support.
EURINR carried forward the crucial resistance zone and lead at higher levels.
Strength can be seen till it sustains above the mark of 72.0000 and sustaining above 72.4000 can further lead it on higher levels.
GBPINR continued the previous session’s pull back and surpassed the immediate resistance on daily chart.
If the currency pair sustains higher above 84.7000 then it may extend the gains whereas 84.0000-83.9000 is seen as key support range.
JPYINR strongly jumped from the lower levels and closed with gains of more than 2.5%.
It is near to the psychological mark of 59.0000 and holding above it can further raise the pair at higher levels. On lower side, 58.0000 may now act as immediate support.
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