The Chinese yuan and the Rupee are expected to weaken, although less than previously thought, reversing recent gains as rising chances of a US interest rate hike this month boost the dollar.
The dollar hovered near a seven-week high on Thursday on increasing signs given by Federal Reserve officials that the US central bank is seriously considering raising interest rates this month. Federal Reserve Governor Lael Brainard said late on Wednesday an improving global economy and a solid US recovery mean it will be “appropriate soon” for the Fed to raise rates.
• Spain 10-y Obligaciones Auction down to 1.684% from previous 1.73%.
• United Kingdom PMI Construction above expectations (52.2) in February: Actual (52.5).
• Italy Unemployment came in at 11.9% below forecasts (12%) in January
USDINR is constantly moving around the key support levels as seen on daily chart and closed around it.
Any closing below 66.8500 may further weaken the sentiments and the pair may further fall. On higher side, immediate resistance range is seen near 67.0000-67.2000.
EURINR broke the support zone in which it was moving since last few sessions.
Closing indicates that weak trend may continue till it sustains below 70.7000 and immediate support is 70.3500. Key resistance for the counter is seen around 71.0000.
GBPINR showed another gap down opening and closed in red territory.
Now, the crucial support level so seen ahead is 82.0000 as per daily chart. On higher side, 82.7000 is marked as important resistance holding above which can lead to correction.
JPYINR dropped for the second consecutive session and closed the session on weak note.
If the bearishness continues then it is near to the immediate support of 58.5000 whereas strength can be seen if the currency pair maintains above the mark of 59.0000.
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