The Rupee rose against the US dollar after the central bank reduced the benchmark repo rate by 25 basis points to 6.25%, citing slower inflation and a pick up in the growth momentum. The rupee rose to 66.39 per dollar after the RBI’s rate cut on expectations that the cut will boost credit and give a fillip to economic growth.
The Pound slumped to a 31-year low against the dollar Tuesday on concerns over the timing of Britain’s planned exit from the European Union. Britain’s currency also struck a fresh three-year low point against the euro.
- Sterling hits 31-year low, dollar strengthens broadly.
- Strong US data dents Asia FX; Singapore dollar at over 2-wk low ahead of MAS.
- Industrial producer prices down by 0.2% in both euro area and EU28.
- UK Construction sector returns to growth in September.
USDINR hovered on lower note since the beginning and the rate cut by RBI resulted in Rupee appreciation.
On daily charts, it closed around the support of 66.6800 and if it holds below this level then further sell offs could be seen whereas 67.0000 is still seen as important resistance.
EURINR after a slight correction in the last session again dragged surpassing the major support levels.
It has been observed that constant resistance has been taken around 100 day EMA by the counter and now 74.4800 is seen as good support.
GBPINR has been dragging since last three successive sessions and closed below the key support mark 86.1000.
Pound slumped to 31 year low against the greenback and its weakness resulted in such sharp falls. If bears extends then next crucial support is seen near 84.7000.
JPYINR surpassed the important support level as seen on daily charts and closed on a weak note.
Now, it may find immediate support in the range of 65.0000-64.9000 while 65.7200 is seen as major resistance on higher side from current levels.
(Click to submit your details) Just one step to get best trading tips and Recommendation.