The Rupee on Thursday staged a smart recovery by gaining 14 paise to close at 66.82 a dollar on fresh selling of the American currency by banks and exporters on the back of weakness of greenback in the overseas market.
The dollar drifted on Thursday as impact from the Federal Reserve’s policy meeting minutes and supportive comments from a top US official faded, while the Australian dollar slipped in the wake of downbeat economic data.
The greenback was little changed at 113.300 yen.
• United States 7-Year Note Auction down to 2.197% from previous 2.335%.
• United States Housing Price Index (MoM): 0.4% (December) vs previous 0.5%.
• Mexico 1st half-month Core Inflation up to 0.46% in February from previous 0.37%.
USDINR dragged below the key support so shown on daily chart and closed below it.Weak closing indicates the weak trend may continue and may fall towards the immediate support of 66.9000 while 67.2000-67.3000 is seen as intraday resistance range.
EURINR sustained below the important support as per previous session’s range and closed flat.Weakness may continue in the pair till it sustains below the support of 71.0000 while on higher side 71.2000 may act as immediate resistance range.
GBPINR surpassed the immediate support but could not close below it.
The pair’s closing indicates that it may correct towards higher side and may test the resistance of 83.8000-84.0000. However, support is seen around 83.4000.
JPYINR has been moving in a range since last few sessions and closed below the previous close.
On daily chart, 59.2500 is acting as strong resistance for the counter holding below which can drag it lower whereas 59.6000-59.8000 is seen as resistance range.
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