The Rupee appreciated further by 11 paise to 66.80 against the American currency in late morning deals on sustained bouts of dollar selling by exporters and banks amid rallying domestic equities. Overseas, Dollar held steady against its major rivals in early trade with its near-term fortunes riding on whether US jobs data will rekindle expectations for the Fed Reserve to raise interest rates this year.
The Euro area economy continued to expand at a steady pace in August. At 53.3, up from 53.2 in July, the flash estimate of the Markit Eurozone PMI® inched up to a seven-month high.
- Asian currencies edge higher as dollar loses momentum.
- Dollar dips against yen, kiwi surges.
- Eurozone Flash PMI edges up to seven-month high.
- German output growth slows as service providers report weakest expansion for 15 months.
- French private sector output rises at fastest rate in ten months.
USDINR traded in subdued manner for the whole session in a limited range and closed with negative bias.
If it closes below 67.0000 mark in the coming session then it may drop towards the next support of 66.8000 while 67.3000 is seen as major resistance.
EURINR was able to sustain above 76.0000 mark for the entire session and closed above it.
Strength is seen in the counter till it maintains above 76.0000 and may lead towards 76.3000 whereas 76.8000 is seen as immediate support.
GBPINR extended the short bull rally which it is going through in last few sessions.
It may lead towards the resistance of 89.0000-89.3000 if it sustains above 88.3000. On lower side, 87.7000 is seen as near support for the currency pair.
JPYINR again sustained at higher levels but could not close above the strict resistance on daily charts.
If it holds above 67.0000 then it may move northwards towards 67.4000 while 66.5000 may act as key support for the counter.
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