The Rupee strengthened by 12 paise to 66.67 against dollar in early trade today on increased selling of American currency by exporters and banks amid a higher opening in the domestic stock market.
The manufacturing sector activity in the UK economy deteriorated in the month of October, although remained solid within the expansion territory, well above its long-run average of 51, Markit reports. The final Purchasing Managers’ Index (PMI) in the UK dropped to 54.3 points in Oct, as compared to a previously revised 55.5 reading. Markets had predicted a dip to 54.6.
- Dollar slips ahead of Fed, U.S. jobs data and election.
- Yuan to revisit mid-2008 lows over next year if Fed hike spurs dollar.
- UK manufacturing PMI weaker misses estimates in Oct.
- China’s Official Non-Manufacturing PMI Expands in October; Manufacturing PMI Hits More Than 2-Year High.
USDINR opened gap down and sustained at lower levels for the entire session to close in red.
On daily chart, 100 day EMA is seen as crucial resistance sustaining above which can lead it higher while 66.8500 may act as immediate support for the counter.
EURINR rose in the last two sessions and closed around the important resistance of 73.7600.
Any closing above the key resistance can lead the counter higher towards 74.0000 mark. On lower side, 73.5000 is seen as immediate support.
GBPINR showed pull back from major support levels and gained momentum to close the session in green.
Now, 82.5000 is seen as important resistance which can act as a reversal point for the pair while sell on rise is again expected in the counter.
JPYINR is finding support at lower levels gaining thereafter to close on flat note.
On daily chart, if it breaks the support of 63.6500 then selling pressure may be seen while 64.1500 may act as immediate resistance.
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