The rupee appreciated further by 19 paise to trade at over 4-month high of 66.33 against the US dollar in early trade at the forex market today on increased selling of the American currency by banks and exporters. Strong foreign fund inflows, weakness of the dollar against other currencies overseas and a higher opening in the domestic equity market boosted the rupee value against the dollar.
Sterling hit day’s lows against the dollar and euro on Wednesday after data showed British manufacturing output fell at the fastest pace in a year in July, just after Britain’s shock vote to leave the European Union.
- Sterling slips after UK factory output posts biggest drop in year.
- Dollar weaker against yen as U.S. data quash rate hike bets.
- Asia FX rally as gloomy U.S. data hurts Fed rate hike bets.
- UK Annual house price growth eases to 6.9%.
- Swedish Repo rate unchanged at -0.50%previous month.
USDINR opened gap down for the second consecutive session and closed in red territory.
It dragged towards deeper support as it sustained below the crucial support of 66.8000. Now, 66.4500 is seen as immediate support while 66.7000 as resistance.
EURINR was able to sustain at higher levels after opening gap up on intraday charts.
A good pull back from support levels is seen which can further take it towards the 100 day EMA of 75.1000 whereas 74.6500-74.4500 may act as support range.
GBPINR traded higher in the first half of the session but sudden reversal after UK Factory output data hit the counter.
If it is able to hold in the range of 89.0000-89.2000 then further up move can be seen in it whereas any closing below 88.8500 can be a weakening sign for it.
JPYINR opened gap up on daily charts and strong rebound helped it to settle with gain of approx 1.35%.
If it continues the pull back then 65.8000 may act as important resistance while 65.2500 is seen as nearby support level for the currency pair.
(Click to submit your details) Just one step to get best trading tips and Recommendation.