The Rupee pared initial gains to weaken by 3 paise to 67.07 against the dollar in late morning deals on fresh bouts of dollar selling by banks and exporters.
Overseas, the yen firmed in jumpy market conditions in Asia today, spiking to a 2 1/2-week high against dollar as investors braced for the possibility that the BOJ’s expected easing steps will disappoint market hoping for more radical measures. In a month rife with speculation that Japanese authorities were readying to move towards “helicopter money”, yen has been more volatile than at any time since 2008.
- Yen surges as Bank of Japan disappoints.
- Dollar falls vs yen after BOJ decision, down 2 per cent on day.
- Euro area annual inflation up to 0.2%.
- German Retail turnover in June 2016: +2.7% in real terms on June 2015.
USDINR consolidated in the same range as of previous session and closed around the support.
If it holds below 67.3000 then it may dip towards the next support of 66.9000 while 67.5000 is seen as immediate resistance.
EURINR was able to sustain on higher side and finally closed in green.
Now, the major resistance so seen ahead is of 100 day EMA i.e. around 75.0000 while any closing below the support of 74.5000 can be a weak sign for the pair.
GBPINR did not show any major movements during the session and settled on a flat note.
Now, if t closes below 82.6000 then it may move southwards towards 88.3000 while 89.0000 is still acting as key resistance for the pair.
JPYINR surged during the session on Bank Of Japan policy and closed on a strong note.
It surpassed the resistance of 65.0600 and closed above it. On continuing the momentum, it may move towards 65.6000 while 64.5000 is seen as important support.
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