The rupee pared its early losses to rule steady at its overnight levels of 66.66 against the American currency in late morning deals bouts of dollar selling from banks and exporters.
Overseas, US dollar gained against the basket currencies in early Asian trade, but was on track to end a tumultuous week with losses after the Federal Reserve trimmed its long-term interest rate expectations and the Bank of Japan rebooted its monetary policy framework. Fed Reserve projected a less aggressive rise in rates next year and in 2018, and it cut its longer-run interest rate forecast to 2.9 percent from 3.0 percent.
- Dollar on track for weekly losses in wake of Fed, BOJ moves.
- Germany: Slowest rise in output for 16 months as service sector activity edges closer to stagnation.
- Yen dips as Japan officials warn over unit’s strength.
- Japan operating conditions improve slightly for the first time since February.
USDINR continued its southwards move as shown in the last session and closed in red.
Bearishness may continue till it holds below 67.0000 where 66.5000 may act as strong support for the coming few sessions.
EURINR opened on a weak note tried to inch higher throughout the session violating the immediate support.
If the counter moves higher then resistance range so observed is 75.0000-75.1000 whereas 74.6000 will now act as good support for it.
GBPINR continued the bear rally which it is following since last few sessions and closed in red territory.
It is again turmoiling towards the key support of 86.3800 as shown in daily chart and may witness strong selling pressure below it. Resistance so marked is 87.0000.
JPYINR opened gap down but did not extend its gains during the session and closed on a flat note.
Now, 66.0000-65.9000 is seen as support range for the currency pair while 66.7000 can be marked as key resistance from current levels.
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