The Rupee today soared by 34 paise to end at a fresh 3-month high of 66.85 against the US dollar by exporters and banks.
The dollar was buoyant on Friday, rising to a 1-1/2-week high versus the yen, on comments by US President Donald Trump that he would announce the most ambitious tax reform plan since the Reagan era in the next few weeks. The dollar was knocked back against the euro and yen this month as Trump focused on protectionist trade policies and appeared to back a weaker dollar since taking office.
- United Kingdom Total Trade Balance up to £-3.304B in December from previous £-4.167B.
- Italy Industrial Output w.d.a (YoY) above expectations (3.3%) in December: Actual (6.6%).
- Denmark Consumer Price Index (YoY) up to 0.9% in January from previous 0.5%.
USDINR hovered in specific range throughout the session but sustained on lower levels.
Bears may further attack the pair if it holds below the mark of 67.0000 while on higher side 67.3000 may act as immediate resistance.
EURINR opened gap down and further extended the bears towards the deeper support side.
Now, nearest support as seen on daily chart is around 71.2000 below which sell offs may increase. On higher side, 71.8000-72.0000 is seen as resistance range.
GBPINR opened gap down and continued to trade on a weak note for the entire session.
On daily chart, 83.5000 is seen as immediate support and any closing below it can be a diminishing factor for the currency pair while 84.0000 is marked as immediate resistance.
JPYINR opened gap down and sustained on lower side to close the session with loss of approx 1%.
On daily chart, it surpassed the trend line acting as support and weakness may be seen till it sustains below 59.4000. Immediate support so seen is around 58.6000.
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