The Rupee opened 5 paise down 64.43 against dollar on Wednesday on account of buying of American currency by banks and importers
The dollar bobbed above a 13-month low against a basket of major currencies on Wednesday, as investors awaited the US Federal Reserve’s policy statement for clues on the timing of its next monetary tightening. The Fed is widely expected to keep interest rates unchanged at its two-day meeting that ends on Wednesday. Investors will be watching for any clues on whether it may raise rates again this year, and when it will begin paring its massive bond portfolio.
• United States MBA Mortgage Applications fell from previous 6.3% to 0.4% in July 17.
• Italy Consumer Confidence came in at 106.7, above expectations (106.2) in July.
• Sweden Trade Balance (MoM) climbed from previous 2.8B to 4.2B in June.
USDINR again traded in the same range as of last few consecutive sessions and settled on a flat note.
The currency pair had been stuck in a range where resistance is seen around 64.5000 while 64.3000 is immediate support. It needs to move either side to decide the trend further.
EURINR traded with negative bias for the whole session and closed on a flat to weak note.
The currency pair needs to sustain above the mark of 75.0000 to again gain strength whereas any closing below 74.8000 can drag it towards next support.
GBPINR traded on a flat note but last hour strength made it close on positive note.
Closing above 84.0000 indicates that strength may further help the counter to move northwards whereas 83.7000 is seen as immediate support.
JPYINR opened gap down and traded in the same range at lower levels.
It seems to take correction from higher levels and may fall towards the immediate support of 57.4500 on daily chart while 57.8000 is seen as important resistance.
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