The Rupee started off marginally lower by 2 paise at 66.89 against the dollar today, extending its weakness for the third straight day, on spurt in month-end demand for the American currency from importers and banks. The prospects rose that the Federal Reserve will raise interest rates by the end of this year, which led to the dollar getting an upper hand against other currencies overseas.
The dollar stood tall against the yen in Asian trading on Friday, on track for weekly gains against most rivals, as investors waited for U.S. third quarter growth data later in the day.
- Dollar rises to 3-month high vs yen before pivotal US GDP data.
- In October 2016, French consumer prices increased by 0.4% year-on-year.
- French GDP increased by 0.2% in Q3 2016.
- BOJ core CPI Sept +0.2% vs +0.3% expected.
USDINR traded on lower side and closed the session on negative note.
If the counter sustains below the key support of 67.0000 then it may further slip towards deeper supports while 67.3000 is expected to act as important resistance.
EURINR was not able to continue the positive momentum so gained by the counter in last two sessions.
It needs to sustain above 73.5000 to gain strength while 73.000 will continue to act as strong support below which selling pressure would enhance.
GBPINR opened gap down and closed again in weak zone as seen on daily chart.
As per our last report, we mentioned that resistance is usually seen in the counter at higher level from where reversals take place. Now, 81.3500 may act as strong support.
JPYINR extended the bears which it was following in the previous few sessions and closed in red.
It closed below the key support and now 63.2000 is seen as next major support for the pair. On higher side, 100 day EMA of 64.4000 will continue to act as strong resistance.
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