The Rupee added to its morning gains as it was trading higher by 38 paise at 65.44 against dollar and hit its highest level since Nov. 2015
The dollar was subdued in European trade on Wednesday, staying range-bound ahead of an expected U.S. Federal Reserve interest rate hike with investors’ eyes peeled for clues on the bank’s future monetary policy. Asian currencies were largely flat on Wednesday as investors nervously awaited an expected US interest rate hike later in the day and hoped for more clues on the pace of future tightening.
- European Monetary Union Employment Change (YoY) dipped from previous 1.2% to 1.1% in 4Q.
- United Kingdom Average Earnings including Bonus (3Mo/Yr) came in at 2.2% below forecasts (2.4%) in January.
- Italy Consumer Price Index (EU Norm) (MoM) unchanged at 0.2% in February.
USDINR sustained below the previous close for the whole session to end in red zone.
Correction on higher side can be seen only if it maintains above the mark of 66.0000 whereas 65.5000 is seen as immediate support for the pair.
EURINR dragged for the second consecutive session and sustained below the key support on daily chart.
The currency pair is expected to extend bears till it sustains below 70.0000 and may slip towards 69.5000. On higher side, 70.3000-70.4000 may act as strict resistance range.
GBPINR opened on weak note but corrected during the session and closed above the previous close.
Short pull back can be observed towards the immediate resistance of 80.7000 whereas 80.0000-79.7000 will continue to act as intraday support range.
JPYINR marked new 52 week low but was unable to sustain below the major support level on daily chart.
Selling pressure may intensify if it maintains below 57.3000 whereas 57.9000-58.0000 can resist the currency pair to move northwards.
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