Against the US dollar, the rupee depreciated by 12 paise to open at 69.5450, after the Reserve Bank of India cut its repo rate by 0.25% on Thursday. Following the RBI’s Monetary Policy Committee (MPC) decision, the local currency recovered most of the lost ground. Moreover, heavy selling in domestic equities also weighed on the local unit. The U.S. dollar slid lower against the yen safe haven demand continued to be underpinned amid trade tensions, as investors looked ahead to the European Central Bank’s latest policy decision later in the day.Fundamental News
- India: RBI cuts repo rate to 5.75%.
- China to take retaliatory measures if US escalates trade war.
- US Pres. Trump: Tariffs on China could be raised by another $300 billion if necessary.
- German factory orders raise 0.3% m/m in April, beat estimates (EUR unimpressed).
USDINR showed correction after positive opening closed with flat note.
If continue negative movements in upcoming session then currency pair drag towards its support zone of 69.0000 below which it is more bearish.EURINR opened with partial loss showed bearish movements closed with loss.
Sustaining below 78.0000 mark currency pair shows negative movements and finds next support around 77.5000 level.GBPINR after correction found support on lower levels closed with partial gain.
88.5000 is seen as resistance level for the currency pair breakout above this mark it may shows more bullish movements towards 88.7000.JPYINR unable to sustain on higher levels closed around its support.
Now, 64.0000 is seen as immediate support zone for the currency sustaining below which it may drag towards support of 63.7000.
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