The rupee appreciated around 5 paise in early trade on Tuesday on account of some selling of American currency by banks and exporters. According to market experts, ongoing redemption pressure on foreign currency non-resident (FCNR) deposits also aided to the rupee fall.
Most emerging Asian currencies weakened on Tuesday on views that the dollar’s weakness in the last few sessions won’t last long, but China’s yuan hit a one-week high as state-owned banks stepped in to buy the currency for a second day.
• Asia FX hit by views dollar weakness won’t last long; yuan at 1-week high as state banks buy
• German Brandenburg CPI Nov mm +0.1% vs +0.2% prev.
• China’s yuan firms as state banks support for second day.
• European Monetary Union Consumer Confidence in line with expectations (-6.1) in November.
USDINR moved in the same range as it went through in the previous session and closed on a flat to negative note.
Still, the currency pair is facing stiff resistance of 69.0000 as seen on daily chart and 68.6000-68.5000 is seen as immediate support range.
EURINR opened at lower levels and sustained at those levels for the entire session to close it in red.
It faced resistance at higher levels indicating sell offs if it holds below the immediate psychological level of 73.0000 while 73.4000-73.6000 is seen as resistance range.
GBPINR started the session on lower note but thereafter gained momentum in the later half to close in green.
Now, major support range for the counter is seen around 85.3000-85.0000 whereas it needs to sustain above 86.0000 to again gain strength.
JPYINR dragged throughout the session and closed below the previous close.
As the pair’s overall trend is weak hence it is likely to face stiff resistance around 61.8000-62.0000 while any closing below 61.0000 can be a weak sign for it.
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