The Rupee rose10 paise to 66.37 against the US dollar in early trade on Thursday amid prevailing uncertainty over the fate of Britain’s vote on EU exit. Polls suggested more support for ‘remain’ camp than ‘exit’ camp, which lead to rise in British pound and euro zone’s euro, putting pressure on the US dollar.
Euro area business activity growth slowed slightly in June, according to the Markit Eurozone Flash PMI, which edged down to its lowest level since January of last year. The PMI fell from 53.1 in May to 52.8.
- Bremain hopes support Asia FX before UK vote, trading thin.
- Sterling hits 2016 high on hopes that Britain will stay in EU.
- Eurozone growth slips to weakest in nearly one-and-a-half years.
- French private sector output falls for first time in four months.
USDINR opened gap down and remained on lower side for the entire session.
It closed below the trend line so mentioned in the previous report and 67.1000 is now seen as immediate support.
EURINR found support at lower levels and gradually moved northwards during the session.
Now, 77.1000 may act as stiff resistance to the pair while below 76.8000, sell offs can be seen.
GBPINR broke the important resistance of 100.0000 as seen on daily charts.
Now, next resistances are seen around 101.0000 whereas 99.3000 will act as key support for the pair.
JPYINR dragged sharply after it broke the crucial support of 64.1000 as seen on daily charts.
Further falling can drag it towards the immediate support of 63.0500 while 64.1000 will again as key resistance for it.
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