The Rupee opened nearly 27 paise down at 65.55 against dollar on account of buying of American currency by banks and importers amid bleak global cues. Government bonds ended higher for the first time in four sessions on Tuesday as a decline in US treasury yields.
The dollar struggled near a four-month low against the yen on Wednesday as a bout of investor risk aversion hit US stocks and sent US Treasury yields sharply lower, eroding the greenback’s interest rate allure. The dollar also nursed large losses against the euro.
• Dollar hits 4-month low vs yen on “Trumpflation trade” rethink.
• China’s yuan rises as dollar hovers around 1-1/2-month low.
• Asian currencies hit by shrinking risk appetite as Trump health bill struggles.
• Japanese Yen Rise Halts After BoJ Minutes, Trade Data.
USDINR opened gap up and sustained on higher levels closing in green territory.
If pull back occurs from current levels then 65.8000 is seen as immediate resistance on daily chart while 65.2000 may continue to act as important support.
EURINR opened gap up and was able to sustain at higher levels for the whole session.
Now, the mark of 71.0000 may act as crucial level for the currency pair whereas 70.3000-70.0000 is seen as support range.
GBPINR opened higher surpassing the immediate resistance of last two sessions.
The currency pair is likely to take resistance at 82.0000 on daily chart while reversal candlestick pattern may find correction towards 81.4000.
JPYINR opened with a bang and sustained on higher levels throughout the session closing with gain of 1%.
If the counter continues the positive move then 59.0000 may result as a halting place for it whereas sustaining above it will find 59.3000 as next resistance.
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