The Rupee on Thursday depreciated 7 paise to 64.40 a dollar level. Sterling held steady near a two-week high on Thursday, supported by expectations that Prime Minister Theresa May’s party will win a majority in Britain’s election, while the euro held steady ahead of a European Central Bank policy announcement.
The dollar touched fresh six-week lows against the safe haven yen on Wednesday as investors retreated to the sidelines amid concerns over a range of looming geopolitical risk events.
• Ireland Consumer Price Index (MoM) dipped from previous 0.4% to -0.2% in May.
• European Monetary Union Gross Domestic Product s.a. (YoY) came in at 1.9%, above forecasts (1.7%) in 1Q.
• Greece Unemployment Rate (MoM): 22.5% (March) vs previous 23.2%.
USDINR hovered near the support so seen since last three sessions and surpassed it in the later half of the session.
The currency pair closed below the key support of 64.4000 and it indicates that weak trend may continue towards the support range of 64.2000-64.0000.
EURINR had been facing resistance at higher levels on regular basis and closed on a flat note.
The counter is unable to breach the mark of 73.0000 and 72.1500 may now act as important support levels on daily chart.
GBPINR opened on a positive note but dragged in the later half and washed off the gains.
On daily chart, it made a reversal candlestick pattern indicating 83.2000 as next near support whereas 83.7500 may continue to act as strict resistance.
JPYINR opened on lower note and continued the bears throughout the session.
The currency pair faced stiff resistance near the mark of 59.0000 and it dipped towards the support of 58.5000 surpassing which it may find 58.3000 as next support.
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