Falling for the second-straight session, the rupee today depreciated by 8 paise to end at 66.89 against the US dollar due to increased demand for the American currency from importers and state-owned banks. A rise in the dollar on Friday to touch a seven-month high against a basket of currencies driven by buoyant expectations of a US interest rate hike this year mainly weighed on the forex trade.
The dollar index has risen above 98 recently, a level last seen in March, due to a sharp fall in the British pound and increasing belief of a rate hike in the US in December.
- Dollar at 7-month highs as U.S. rate hike hopes persist.
- Euro at 8-month lows vs dollar after Draghi remarks.
- United Kingdom Public Sector Net Borrowing registered at £10.118B above expectations (£8.2B) in September.
- Greece Current Account (YoY) up to €1.821B in August from previous €1.443B.
USDINR extended the gains so made in the last session and closed on a strong note.
On daily chart, the pair closed around the trend line so coming from recent highs acting as resistance and strength can be seen if it sustains above 67.1000.
EURINR continued to drag towards deeper supports and closed in negative zone.
Now, nearest support so seen ahead is 72.6900 below which sell offs may increase further whereas on higher side, 73.1000 may act as important resistance.
GBPINR resisted near highs and now slipped towards the immediate support as per daily chart.
As per previous report, we indicated that this might be the reversal point for the counter and below 81.7000 sell offs may increase while 82-82.4 may act as resistance range.
JPYINR has been hovering in the same range since last few sessions and closed on a flat note.
On daily charts, it has restricted itself in a range and movement will be clear if it breaks the range on either side i.e. 64.6500 on higher while 64.0000 on lower side.
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