The Rupee plunging 20 paisa to end at a fresh two-week low of 64.38 against the US dollar. This is the biggest one-day fall for the home currency since April 10.
India’s foreign exchange reserves reached a record high last week according to data released by the Reserve Bank of India, reaching $372.7 billion rising almost $1.6 billion for the week ended April 28. The previous high was at $371.2 billion which was reported on September 9 of last year.
• European Monetary Union CFTC EUR NC net positions up to €-1.7K from previous €-20.9K.
• United States Consumer Credit Change above forecasts ($14B) in March: Actual ($16.43B).
• Australia CFTC AUD NC net positions remain unchanged at $42.7K.
USDINR hiked for the second consecutive session and closed higher.
If the strength so observed continue then 64.8000 is marked as stiff resistance for the counter whereas 64.2000 will continue to act as major support.
EURINR showed good pull back after the reversals so seen in the previous session on daily chart.
Now, it is around the psychological resistance of 71.0000 and may lead higher when sustain above it whereas 70.5000-70.3000 is seen as immediate support range.
GBPINR opened gap up and continued to show the positive momentum during the session.
Further gains will find strict resistance near 83.7500 and any closing above it will strengthen the pair whereas 82.7000 is seen as major support from current levels.
JPYINR showed strong pull back since the beginning of the session and closed higher.
It took strong support around the mark of 57.0000 and now may move towards the next resistance range of 57.7000-58.0000.
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