Indian Rupee continued its up move so seen in last four sessions against the American currency after the RBI maintained the status quo on key rates concentrating on inflationary pressure. The dollar plumbed a fresh four-week trough against a basket of currencies on Wednesday, though better-than-expected Chinese import figures helped it climb off session lows.
There were increases in all 4 main sectors showed by UK Industrial production data, with the largest contribution coming from manufacturing which increased by 0.8%.
- Waning Fed rate hike expectations push dollar index to 5-week lows.
- Soft dollar supports Asia FX; China imports fuel some optimism.
- UK Industrial Production (MoM) registered at 2% above expectations (0%) in April.
- Japan’s 20-year government bond yield hits record low.
USDINR dragged down for the fourth consecutive session and closed weak.
On daily charts, 100 day EMA of 67.1000 may act as key resistance for the counter whereas on lower side 66.6000 is seen as immediate support.
EURINR moved in the same range in which it sustained since last two sessions and closed flat.
On higher side, 76.4000 is hindering it to move up while if it holds below 76.0000 then there is a possibility that bears may become active.
GBPINR is looking very volatile as seen on daily charts as down opening resulted in weak closing for the counter.
Although it is hovering around its 100 day EMA which is very crucial range for it. On higher side 98.0000 is seen as strong resistance while 97.0000 may act as support.
JPYINR moved in a specific range after opening gap up and finally settled in green.
It is also trading in sea saw fashion as seen on intraday charts. However, 62.6000-62.9000 is seen as resistance range whereas 62.0000 will act as good support.
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